Arbitration was conceived as a faster,
more efficient, and less costly alternative
to litigation. But in my experience
as an attorney, this is true only for small
disputes. When used to resolve claims
involving large sums and complicated
proof, arbitration is a nightmare. Here
are some of the reasons.
Arbitration doesn't always save
time and money. Scheduling a hearing
for a complex case can be difficult.
If the matter isn't settled during the
initial hearings, it becomes almost
impossible for the three arbitrators,
the parties, and their witnesses all to
find a date to reconvene in the near
future. I have seen arbitration proceedings
stretch out for years, going
beyond 30 hearings.
The costs of arbitration add up —