In recent decades, the process of arbitration has become a mainstay when it comes to resolving legal disputes. For
Michael Gangadeen and other attorneys, arbitration allows them to
resolve legal disputes for their clients without having to be subjected
to the trials and rigors of court proceedings. There are great reasons
to enter into arbitration to settle a dispute, as well as some
drawbacks.
Pros
Pros
- There are a number of advantages arbitration has over litigation, court hearings, and trials. They are:
- It can help to avoid hostility. When participating in arbitration, both parties are encouraged to fully participate and can help structure the resolution. This allows a more peaceful and amicable experience as opposed to entering into litigation.
- Arbitration is cheaper than litigation. The process is usually quicker and less complicated than a court proceeding.
- It is faster than litigation. According to a recent study by the Federal Mediation and Conciliation Services, the average time for arbitration to be completed was around 475 days, as opposed to the typical 18 months to three years when a case went to court.
- In order to make an informed decision, it is important for you to understand the drawbacks associated with arbitration.
- There is limited recourse to arbitration. You may be stuck with an unfair or illogical award that can't be challenged in court.
- The playing field is uneven, often working in the favor of large corporations, making it more difficult to get a fair settlement for employees or consumers.
- There is a lack of transparency with arbitration. This leaves things open to being tainted or biased.
