Arbitration is a private, confidential, cost-effective dispute resolution process that generally provides a faster resolution than litigation. The parties to the arbitration process submit their dispute to a neutral third party (a single Arbitrator or a panel of three) for decision. The decision of the Arbitrator is usually a binding Award although, in some cases, the parties can submit to non-binding arbitration.
Arbitration is an adversarial process. Attorneys submit briefs and supporting documentation as they would for a court trial. Witnesses are called and physical evidence may be submitted and considered by the Arbitrator.
Before rendering a decision, the Arbitrator weighs the evidence and the rule of law as she would in a public court. Arbitration decisions are usually given in writing within thirty days following the hearing.
Arbitration can be cost effective by reducing the amount of time required to prepare and present a case and by having a decision rendered in a timely fashion.