What is arbitration?
It is a private procedure of conflict resolution, and the parties agree that the dispute will be listened to and decided by the arbitrator, not the judge in court. Arbitrationgets often referred to as alternative dispute resolution. It is an alternative approach instead of going to court.
What are its advantages?
- Fairness
Both groups agree with an arbitrator who will give fair results, particularly when likened to traditional trials where neither party has authority over the jury’s or judge’s choices. The parties may also agree to select an arbitrator with experience in a particular litigation area.
- Cost
No professionals are involved in the arbitration, and no legal preparation is required. In many cases, the parties will share the costs of the arbitrator. It means that the procedure is much more affordable.
- Timelines
The legal solution by arbitration is much swifter than staying for the date of the hearing. It is less formal and more relaxed in terms of timing. The discovery procedure is an uncomplicated phone that shortens many of the traditional testing processes.
- Finality
The arbitration process has a certain finality. You cannot appeal, so both sides can follow the results.
- Agreeableness
It often leads to acceptable results, as the parties are motivated to find a solution together.
- Simplified procedure
The legal consequences are more flexible for the two groups in the dispute. Not all parties need to appoint a lawyer to represent them.
Arbitration is a reasonable way to avoid legal costs, but you should carefully consider whether arbitration is appropriate for a particular case. You can look for Top Arbitration & Litigation Lawyer Singapore.