Take Help of Experienced Legal Advisor for Arbitration Proceedings
by Fred Young Experienced Legal AdvisorIn the world of business, lawsuits are
accepted as a price of playing. But when a legal battle breaks out, the
costs can be prohibitive. Tied up in court for years on end, both sides
can end up spending a fortune on commercial litigation. It is no wonder
alternative dispute resolution (ADR) has emerged as a viable legal
option. ADR is defined as any method of resolving disputes outside of
the courtroom. There are no judges, no jurors, and far fewer rules. In
other words, it's a simplified version of a trial that gets to the heart
of the matter more expeditiously.
Though rules do differ based
on location, mediation and arbitration are the two most common forms of
alternative dispute resolution. Let us take a moment to discuss them
individually. A highly informal legal option, mediation is essentially a
negotiation process between the two opposing parties. An impartial
observer called a mediator listens to both sides then tries to work out
an agreement between them. This potential settlement can be accepted or
rejected by either side.
Only when both Arbitration and ADR proceedings
agree can a legally-binding, completely confidential contract is
signed. The primary advantage of mediation over other resolution methods
is its incredible versatility. The option has been used in a wide range
of cases, from juvenile felonies to multi-billion dollar commercial
litigation cases. Much closer to a trial than mediation, arbitration
lets lawyers introduce evidence and argue in front of a panel that
decides the case.
They may not be judges, mind you, but Tourism and power projects
do have the authority to write a decision and recommend an arbitrator
award. The decision must then be reviewed and approved by a third party
before it is legally binding on both parties. Because it does not depend
on the persuasiveness of a mediator to seal the deal, arbitration
proceedings are often more expeditious. On average, they tend to last
for only a few days, a week at most.
Moreover, the arbitration
panel only meets for a few hours a day, which keeps legal fees low. Last
but not least, all opinions are NOT a matter of public record. That
fact alone makes arbitration an attractive option to settle commercial
litigation disputes. In recent years, securities, construction, and
labor disputes have been quickly and quietly handled through
arbitration. Because it is a growing area of legal practice,
inexperienced attorneys are flocking to ADR in record numbers.
The
only problem is that most of them don't have any first-hand knowledge
of this highly specialized field. That is why we strongly suggest you
find an attorney who has dozens of ADR cases under his belt. It is also a
big plus if he has international ADR experience since the rules of
arbitration and mediation may differ from country to country.
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Created on Dec 31st 1969 18:00. Viewed 0 times.