What is business arbitration and when is arbitration generally the right option for resolving a contract or business litigation? Business arbitration in San Diego and Southern California is an option to resolve a dispute or lawsuit without the extensive time and expense of going to trial. The process of arbitration is usually much more attractive to the parties than a trial not only in terms of time and money, but the parties can be certain that the matter will be resolved once and for all.
The Process of a Business Arbitration
What is business arbitration and how does the process work? Business arbitration is a formal legal process designed to add flexibility while removing many of the unnecessary and delaying tactics in a trial. Both sides will usually put forward a few suggestions of experienced, qualified arbitrators they think would be appropriate for the case. The parties then work together to select an arbitrator and begin the process of providing legal briefs, evidence and witness testimony. The arbitrator establishes the actual arbitration rules and procedures and the timeframe for each step in the process.
The goal of business arbitration is to rely upon an independent expert arbitrator to establish a process which will focus the dispute and clarify the issues at hand, ultimately resulting in a final ruling or “award.”
It is important to note that the process of Arbitration isn’t usually a “win or lose” situation, although it can be. The arbitrator is free to craft a solution which they believe best reflects the facts of the case and the dispute at hand.
Binding or Non-Binding Arbitration
Business arbitration provides the option to provide a “binding” award or a “non-binding” outcome. A non-binding arbitration results in a decision by the arbitrator which is not legally enforceable but may allow the parties to agree upon a solution. Non-binding arbitration is often the parties are concerned about preserving an important business relationship or when they simply wish to learn the strengths and weaknesses of their own case as well as an opponent’s position.
Binding arbitration is a legal alternative form of arbitration where the parties agree to waive any right to a trial. The parties in a binding arbitration agree to accept the consequences and results of their arbitrator’s “award.” Any award in a binding arbitration is final, and a dissatisfied party may only appeal if they can prove collusion or fraud (which is extremely rare).
What is Business Arbitration and Why Do I Need an Experienced, Proven Attorney
What is business arbitration and why do I need an experienced, proven attorney? Business arbitration is a powerful legal venue where the arbitrator acts as judge and jury, makes the rules, collects evidence and testimony and renders a judgment which is usually final and unable to be appealed.
When the stakes are this high you need an experienced, proven San Diego business arbitration attorney to represent and protect your interests. The Watkins Firm has more than 40 years of experience resolving business disputes through our unique approach to litigation and representing clients in business arbitration cases. Ask about our well established track record of success and the process the Watkins Firm will follow in order to achieve the best possible outcome in your case.
We invite you to review our Podcast Episode 11 – Resolving Business Disputes and the strong recommendations of our clients and contact the Watkins Firm or call 858-535-1511 for a complimentary consultation today.
