ARBITRATION - Attorneys and the Law
Arbitration is a form of alternative dispute resolution in which parties present their case to a neutral arbitrator, or panel of arbitrators, in order to request a final and legally binding decision on the issue. Federal arbitration law provides enforcement for all arbitration decisions, so the effect of arbitration is as binding as a decision from a judge, emphasizing the importance of hiring an arbitration attorney.
There are many advantages to arbitration such as a quicker, cheaper, and confidential resolution. The proceedings are less formal that allow more evidence to be reviewed and parties to present flexible solutions. Arbitration law provides for enforcement of arbitration awards without concern of an appeal that will cause further delay. Individuals who perform as the arbitrator typically have specific knowledge and expertise relevant to the dispute at hand.
Of course, there are some disadvantages: arbitration awards do not follow legal precedent as predictably or consistently as a judicial decision arbitration law provides arbitrators a limited range of remedies that may not include injunctions enforcement of an arbitration award requires a separate judicial ruling should one party violate the terms and arbitration may be more prone to favoring more financially powerful parties. Despite drawbacks associated with arbitration, it is a favored process among businesses to resolve disputes with employees, customers, or other businesses. Arbitration attorneys are available, and are recommended, to consult with and represent parties in arbitration.
Federal Arbitration Law
The federal government, recognizing the importance of arbitration as an alternative form of dispute resolution, passed federal arbitration laws that provide a means of effective enforcement and recognition of arbitration awards by judges. Arbitration law mandates that any arbitration must be voluntary entered into by both parties. If a contract or agreement contains an arbitration provision prior to the existence of a dispute, the parties must demonstrate both were aware of and agreed to arbitration for dispute resolution. Arbitration attorneys are available as a resource for any party questioning the validity of an arbitration provision, or whether or not arbitration is the proper process for their dispute.