Last month, we discussed the basics
of arbitration law and procedure. But
why would you want to go the arbitration
route? And what are the pitfalls?
The great advantage of arbitration is
speed. The case reaches a hearing
sooner, and the hearings go faster in
the absence of court formalities. The
result is that the injured party gets
paid sooner, and also suffers a lower
cost in attorneys' fees. Thus, arbitration
tends to favor those who are
making the claim, in other words,
those whoa re victims in the breach of
a contract. This tends to make arbitration
clauses more important for
someone who does not trust the other
party, or someone who does not trust
the other