Resolving a contractual dispute, commercial employment issues, or asbestos liability dispute can be a toll order. Especially when it comes to seeking a resolution through a court of law. It will not only take a lot of time but also, justice is not guaranteed. And this is why many corporate firms and even people are choosing to embrace alternative dispute resolution methods such as arbitration. It provides an opportunity to settle the matter outside court. As the conflicting parties, you will have to hire an arbitrator who will come in to listen to both your stories and make a decision on your case. Therefore, it helps evade the impending long court battles. Besides, there is no spending a lot of money paying attorney fees. You do not have to go through the tedious process of hiring an attorney. Below are some reasons why arbitration is becoming popular when it comes to solving contract disputes. They include:
Finality
In a court of law, someone can move to the appellate court when they are unsatisfied with a ruling. This might end up prolonging the case. Therefore, you have to deal with high attorney fees. Besides, there is a threat of corruption which will only sabotage your quest for justice. But when you choose arbitration, you will be working with an impartial person. This is someone who will give each faction time to tell their story. In the end, the right decision is made, which is suitable to both parties hence putting the case to rest. The beauty of it is that arbitration prevents the escalation of a conflict. Therefore, the parties involved in the conflict can resolve their issues. Both of them will be satisfied with the decision arrived at.
Saves Time
Court proceedings are not only frustrating but also time-consuming. Especially if there is an appeal after a ruling. You will have to put up with several court proceedings. Also, the backlog of court cases might lead to a court pushing your case to a later date. Therefore, you will have to wait for a long time for the determination of your dispute. That might affect operations in your company. Therefore, you will end up making huge losses. Fortunately, alternative dispute resolution methods such as arbitration will help prevent such a possibility. You only need to have an arbitrator coming in to listen to your dispute and offer the right resolution. That will go a long way to save time. You will be back to your daily activities satisfied with the settlement.
Confidentiality
Having your contractual dispute out there in the public domain might affect the competitiveness of your business. If the case happens to taint the name of your business, you will end up with a bad reputation. And that will drive away customers. The aftermath will be a drastic reduction in revenue generation. To be honest, this is not something you will want to befall your business. That is why keeping your corporate disputes out of the limelight is important. Such confidentiality can be achieved through arbitration. Therefore, you can settle your dispute amicably without inviting the public into it. That is good for any business. It helps keep the business’s goodwill despite turbulent times.
Low Costs
Paying attorney fees can be quite a challenge. There are some lawyers whose aim is to exploit their clients. Therefore, they will end up inflating their legal fees to make a huge amount of money from clients. You can avoid such an instance through arbitration. It is a way of resolving a dispute without going to court. Therefore, you do not have to hire a lawyer. That ensures you evade the attorney fees.
Conclusion
Arbitration is one of the popular alternative dispute resolution methods. It enables conflicting parties to resolve their issues without involving the court. An arbitrator is entrusted with the responsibility of resolving the issue. Therefore, there is no threat of wasting time attending court proceedings. Also, hiring a lawyer is something you will not have to worry about. Most importantly, the dispute will be resolved to finality. No need to worry about the escalation of a conflict. With such benefits, most organizations and people are now opting for alternative dispute resolution methods like arbitration to seek justice.
