Arbitration is an attempt to solve a dispute without going through a long litigation process. An arbitrator is a neutral third party appointed by the courts or the disputing parties. In a typical hearing, both parties will present their arguments, which form the basis of the arbitrator’s decision. During the intervention, the arbitrator holds the same status as a judge.
The judgments are legally binding for all the parties involved. However, it can also be used as a precursor to litigation, in which case the decisions are non-binding. Arbitration follows a set of rules and procedures similar to the ones found in court. A dispute with more than one arbitrator can be called a tribunal.
Mediation is another suitable alternative to solving legal disputes. Like in arbitration, it involves the use of a third party. However, the mediator, in this case, does not have any deciding powers over the dispute. Their main aim is to facilitate dialogue and help the parties to reach an agreement.
Legal conflicts are almost inevitable as we go about our interactions and business dealings with others. To avoid staring at a drawn-out legal battle, it is always wise to consider the available resolution options. Since they happen in private, arbitration and mediation protect your sensitive information from spilling out to the public. Besides, who would want to keep bumping into their neighbors after exposing all their dirty secrets in court?
Located in Springdale, Arkansas, RLLBW Law is determined to preserve the closely-knit community values in Northwest Arkansas. We are a certified mediation and arbitration law firm with strong roots in corporate law and insurance defense.
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