5 Tips to Ensure a Successful Arbitration
With the costs of going to court and trial, arbitration is becoming one of the most common and popular ways to resolve issues and disputes. Even so, arbitrators are often surprised that attorneys are disorganized or unprepared for the process. Carry on reading to find out our top tips to ensure a successful arbitration.
What is Arbitration?
Arbitration is a different way to resolve disputes. In many cases, when arbitration is used, you and the person you are in dispute with don’t actually have to see each other in order to discuss your problems.
If you don’t want to go to court, then arbitration might be the way forward. If you choose to speak to an arbitrator, you will be known as the claimant, and the person you have a disagreement with will be known as the respondent. Both you and the respondent put your side of the story to an independent arbitrator. The arbitrator will then look at any evidence you’ve provided and will decide what to do next. It may take more than one meeting with you and an arbitrator before a final decision is made.
What Does an Arbitrator Do?
An arbitrator listens to your story and evidence and then listens to the respondent's version of events. You will then be given the opportunity to comment on what the other person has said during their meeting.
After this, the arbitrator will look through all of the evidence, and will consider the claim. They will choose how to gather the information needed to make the decision. They may also ask for technical help from an expert.
Is Arbitration Popular?
Arbitration is becoming extremely popular due to it being a lot cheaper than taking a person to court. There have been many successful arbitration cases in the past, including the one against James Flynn Voya Financial who gave unsuitable investment advice to a large group of people. In this case, the claimant requested up to $500,000 be paid in compensatory damages.
Top Tips for a Successful Arbitration
Follow these top tips in order to ensure a smooth process:
- It’s a good idea to be the claimant instead of the respondent – you will be able to put your case across first in an understandable, clear presentation. Putting your case across first is a huge advantage.
- Make your arbitrator’s life easier – think about providing them with a notebook that they can use during the process. Include examples and information that will help the arbitrator understand the topics.
- Choose the right arbitrator – find an arbitrator that is experienced in the right subject matter. This will save unnecessary instruction and time.
- Stay professional – It’s a good idea to be nice. In many arbitration cases, emotions can run high, but you need to try not to react.
- Keep a detailed record – Keeping a record of what happened during the process is essential. An arbitration (unless otherwise stated) is binding, so having a properly documented record of what has happened is essential.
Arbitration may not be as expensive as going to court, but both you and the respondent are equally liable for any costs incurred, so you need to consider this before starting the process.
Arbitration is becoming extremely popular and is a brilliant way to resolve disputes quickly. Follow some of our top tips above to make sure your arbitration is successful.
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