arbitration award

Arbitration is like the court process as parties still provide testimony and give evidence similar to a trial but it is usually less formal. In mediation, the process is a negotiation with the assistance of a neutral third party. The parties do not reach a resolution unless all sides agree.

Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.

The Advantages and Disadvantages of Arbitration

• Efficient and Flexible: Quicker Resolution, Easier to schedule.
• Less Complicated: Simplified rules of evidence and procedure.
• Privacy: Keep it out of the public eye.
• Impartiality: Choosing the “judge”
• Usually less expensive.
• Finality: The end of the dispute.
• For employers, class action waiver.

The arbitration process usually starts with the complaining party giving notice to the other about their intent to arbitrate a dispute. The notice includes the nature and basis for the proceeding. Following this notice the other party has a period of time to file a written response.

3. When is arbitration appropriate? Arbitration is best for cases where the parties want another person to decide the outcome of their dispute but would like to avoid the formality, time, and expense of a trial.

An arbitration hearing is similar to a small claims trial. The participants present evidence and make arguments supporting their positions. After the hearing, the arbitrator decides in favor of one side or the other. An arbitrator is more like a judge, who hears the evidence and makes a ruling.

Arbitration is an alternative dispute resolution (ADR) process in which an agreed-upon person — the arbitrator — hears evidence and decides the result much in the same way that a judge would in court. In a car accident case, an arbitrator will decide a number of key questions.