Litigation is costly on many levels. It costs money, time and, in some particularly messy cases, can cost you your reputation in a public setting.
You may find arbitration is favorable to attempting to settle your dispute in open court. Both parties in the dispute approve the impartial arbitrator. As a result, neither side has an unfair advantage. The neutral arbitrator is often a retired judge or lawyer. The person hears the arguments from both sides, then issues a ruling that is binding and final. Rulings are rarely appealed.
You can save time, money
On average, arbitration is less expensive than pursuing litigation through the court system. Hearings, subpoenas, depositions and other expensive legal procedures are less likely. In general, arbitration often involves less legal paperwork.
The arbitrator can follow a stricter timeline than the courts. An arbitrator rarely has to deal with a crowded schedule or a backlog of cases. The arbitrator can decide your case quicker than a judge and jury.
You can move on
An arbitrator’s ruling is legally binding on both you and the opposing party. It is difficult for either you or the other party to appeal an arbitrator’s ruling.
This means there is little chance of any legal fallout from your case. After an arbitrator rules, the case is over. You can get on with your life immediately following an arbitrator’s ruling.
You can keep your privacy
Another advantage is that your arbitration case is not conducted in open court. A jury is not weighing the evidence. A courtroom full of people is not watching your case. The media is not following and reporting on developments in the case. The transcripts are not part of the public record.
Few people hear the testimony, see the evidence and know the final arbitration ruling. You keep your personal and confidential business out of the public eye. Local gossips and local media have nothing to talk about because they do not know what happened.