Arbitration is similar to going to court, but is usually faster, cheaper and less complex than litigation. It is a formal alternative to litigation in which two or more parties select a neutral third party, called an arbitrator, to resolve a dispute. The arbitrator’s decision, called an award, is final and binding. By arbitrating a claim you cannot have the same matter decided by a court of law. In resolving disputes through arbitration, an arbitrator or panel (consisting of three arbitrators) will listen to the arguments set forth by the parties, study the testimonial and/or documentary evidence, and then render a decision.
The size of the claim will determine how the arbitration process works. Larger claims involving more than $500,000 often require an in-person hearing decided by a panel of three arbitrators, with one chairing the hearing. Smaller claims are decided by one arbitrator.
Ted Adler serves on the American Arbitration Association’s National Roster of Arbitrators and Mediators.
Mediation offers a flexible alternative to arbitration or court. It can be initiated at any time: before arbitration or a lawsuit is commenced, or during a pending arbitration or court case. It is an informal process in which a trained, impartial mediator facilitates negotiations between disputing parties, helping them find a mutually acceptable solution. Both parties in a dispute must agree to the mediation. It is not binding until the parties reach and sign a settlement agreement.
Benefits of Mediation:
- Mediation is a voluntary process; either party can decide to stop at any time.
- A high percentage of mediations result in a settlement.
- The process is, in most cases, significantly faster than arbitration or a court case.
- Mediation does not impose a solution.
- Mediation is a private confidential process, unlike litigation.
Contact us today to learn more about our arbitration and mediation services.