Arbritration

Question 1

What is arbitration?

Answer 1

Essentially a lawsuit without court involvement.
The parties agree to submit their dispute through arbitration rather than pursue a lawsuit in court.
Parties agree to give the arbitrator the power to issue a decision, which is legally binding.

Question 2

What are the advantages of arbitration?

Answer 2

Private process, no public record of any proceedings
Speed compared to litigation
Arbitrators award can be enforced as a judgement of the court.

Question 3

What are the disadvantages of arbitration?

Answer 3

Both aprties must bear the costs of both the arbitrator and the venue.
Limited appeal rights.