Arbitration is the process by which parties to a dispute mutually agree to submit their claims to a neutral third party, or sometimes a panel of three neutrals, for resolution. The parties will jointly agree to the neutral or neutrals deciding the case, to a set of rules governing the exchange discovery and presentation of evidence, and the timetable for completing the process. This often results in a more flexible and faster method of resolving a dispute.
Once discovery is exchanged between the parties, the parties will schedule a hearing, which resembles a mini-trial. At the hearing, the parties will generally make opening statement, present their evidence, question witnesses, and make a closing argument. After reviewing the evidence presented, the neutral(s) will render an award. It is important for the parties to understand, however, that the decision reached by the arbitrator is generally final, binding and subject to review by the courts only on a very limited basis.
View Christopher Annunziata's
LinkedIn profile
Why Choose Arbitration?