According to Jeremy Schulman arbitration has emerged as a popular alternative to traditional litigation for resolving disputes, offering a more streamlined and cost-effective approach. In this guide, we will explore the key aspects of arbitration and why it has become a preferred method of dispute resolution.
Arbitration as an Alternative to Litigation: Arbitration provides parties with an opportunity to resolve their disputes outside of the court system. While it was initially utilized in commercial settings, its applicability has expanded to include individuals and small businesses. One of the main advantages of arbitration is its cost-effectiveness. Jeremy Schulman highlights that arbitrators, typically experienced attorneys, charge lower fees compared to judges and lawyers in traditional court proceedings.
The Informal Nature of Arbitration: Arbitration is known for its informality. Unlike litigation, there are no judges or juries involved. Instead, an arbitrator, who is a trained attorney, reviews the arguments and evidence presented by both parties before rendering a decision. This streamlined process eliminates the complexities associated with court proceedings, resulting in faster resolutions. Moreover, the parties involved have more control over the timing and privacy of the arbitration hearings.
Cost Savings and Efficiency: Arbitration often proves to be more cost-effective than litigation. Unlike traditional court cases where both parties incur separate attorney fees, arbitration expenses are typically borne by the party initiating the claim. Furthermore, arbitration proceedings generally require fewer witnesses, depositions, and discovery documents. This reduces the time spent on gathering evidence and conducting interviews, ultimately leading to faster and more efficient resolution of disputes.
Maintaining Control and Preserving Rights: One significant advantage of arbitration is that it allows parties to retain control over their case. They have the freedom to choose the arbitrator and determine the procedures that will be followed. Additionally, arbitration offers flexibility in deciding whether the proceedings will be open or closed to the public. This level of control allows parties to tailor the process to their specific needs and preferences.
Conclusion: Arbitration, as explained by Jeremy Schulman, has emerged as a highly attractive alternative to litigation for resolving disputes. Its informality, cost-effectiveness, efficiency, and the ability to maintain control over the process make it a preferred option for many individuals and businesses. By understanding the fundamentals of arbitration and working with experienced attorneys, parties can navigate this alternative dispute resolution method effectively and achieve satisfactory outcomes.
The Definitive Guide To Arbitration With Jeremy Schulman
