Arbitration

Question 1

What is Arbitration?

Answer 1

• Lawsuit but without court involvement
• Parties agree to submit their dispute to arbitration rather than pursue a lawsuit
• Parties agreement give arbitrator power to issue decision and is then legally binding

Question 2

Advantages of Arbitration?

Answer 2

• Process is private - no public record
• Faster than litigation
• Parties together can agree on arbitrator
• Arbitrators award can be enforced as a judgement of the court

Question 3

Disadvantages of Arbitration?

Answer 3

• Parties must bear costs of arbitrator and venue
• Limited appeal rights