On June 17, 2014
We are frequently asked by our clients about the pros and cons of arbitration. While there are many benefits to arbitration, it may not be right for every company. Decisions about arbitration need to be made in advance and incorporated into your key contracts.
To help you consider whether arbitration is right for your business, we prepared an informational guide on the Pros and Cons of Arbitration. In it, we respond to some of the following claims about the benefits of arbitration:
◊ Arbitration leads to a faster resolution.
◊ Arbitration is cheaper than the court system.
◊ Arbitration is more flexible than court trials.
◊ Arbitration relies on simplified procedure.
◊ Arbitration results in a final determination.
◊ Arbitration favors companies over individuals.
Next time you are negotiating a contract with a client, a vendor, an employee or a supplier, consider whether or not arbitration is an advantage to your company and its likely position in a potential dispute.