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ABITRATION
The use of one or more impartial persons to hear evidence in a dispute and render an award. Binding arbitration requires parties to accept the arbitration award and waive their right to legal action. The opportunity for appeal is limited.

Arbitration has become a primary alternative to litigation for many business and community leaders because it is private, prompt, and economical.

FOR SUCCESSFUL ARBITRATION

·   Involve an attorney — Arbitration involves more prescribed procedures than other alternative methods, so the involvement of an attorney is recommended but not required. Your lawyer will provide counsel on preparation and legal questions and will help in the selection of the arbitrator.

·    Select the arbitrator carefully — A significant advantage of arbitration is the ability to select an arbitrator with subject knowledge and experience that can be critical to an efficient process and a fair outcome.

·    Streamline the process — Arbitration offers parties abbreviated rules compared to court, possibly saving time and expense. The arbitrator, working with the attorneys, can limit discovery, depositions, and witnesses, thereby minimizing proceedings in providing a thorough and fair hearing.

·    Be involved — It is important that parties understand the flexibility of arbitration. Working with counsel, they can help develop the most effective arbitration process.

 

ENHANCING THE POTENTIAL OF ARBITRATION

Greater party participation — Arbitration should be commensurate with the demands of the case, with limited procedures and reduced duration of the hearing as appropriate. By focusing on specific case needs, parties can reduce the expense and duration to allow a cost-effective outcome without sacrificing critical input.



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