Litigation is often an unavoidable part of the business landscape. There are any number of things that could bring you into a legal dispute with another party, and it is good to have a plan in place if this should happen.
Generally speaking, strong contracts should contain clauses that guide common disputes. However, it is not always possible to plan for everything in advance, which is why many business owners find themselves in the courtroom. An alternative dispute resolution method that has gained popularity is arbitration. According to FindLaw, arbitration may be a good choice for your dispute if time is of the essence, or if having a knowledgeable arbitrator would help resolve the dispute.
Time is money
Even if you have everything organized for litigation, it can possibly take months for you to get space in the courtroom.
Arbitration offers a way to “fast track” this process. Instead of needing to wait for courtroom space and a judge, you simply select your own arbitrator or panel of arbitrators. Arbitration can possibly take less than a month to finish, so you can get back to business.
Knowledge is power
Judges are legal experts, not experts on whatever vertical your business is in. In some cases, an arbitrator with knowledge of the law and with knowledge of your business can help result in quicker, more straightforward cases.
As arbitration is typically a binding process, the end results of an arbitration can be very similar to what you would see after courtroom litigation. In some cases, choosing arbitration can help you resolve your disputes faster and easier as compared to traditional litigation.