Arbitration is a process in which a neutral third party, called an arbitrator, hears the arguments of two or more parties to a dispute and makes a decision that is binding on the parties. Arbitration is often used as an alternative to litigation, or going to court. There are many reasons why a person might choose arbitration to resolve a dispute. For example, arbitration can be:
1.) Faster and less expensive than litigation. Arbitration can often be completed in a matter of weeks or months, while litigation can take months or even years. Arbitration is also typically less expensive than litigation, because there are no juries and the arbitrator’s fees are typically lower than the fees of a judge.
2.) More confidential than litigation. Arbitration is a confidential process, which means that the arbitrator’s decision is not made public. This can be important for college graduates who are concerned about the privacy of their dispute.
3.) More flexible than litigation. Arbitration can be tailored to the specific needs of the parties involved. For example, the parties can agree to have the arbitrator decide the case based on a certain set of laws, or they can agree to have the arbitrator use their own judgment to decide the case.
If you are a person who is considering arbitration, there are a few things you should keep in mind: make sure that you understand the arbitration agreement. Before you agree to arbitration, you should make sure that you understand the terms of the arbitration agreement. This includes the rules that will be used to conduct the arbitration, the arbitrator’s fees, and the process for appealing the arbitrator’s decision. Choose an arbitrator who is qualified and experienced. There are many different types of arbitrators, so it is important to choose one who is familiar with the type of dispute you are facing. Be prepared to participate in the arbitration process. Arbitration is a two-way street. Both parties must be willing to listen to the other party and to present their case. If you are interested in arbitration, there are many resources available to help you. You can contact your local bar association, community mediation center, or law school for more information.
Here are some additional things to consider when choosing between mediation and arbitration:
1.) Control over the process. In mediation, the parties have more control over the process than they do in arbitration. The parties can choose the mediator, the location of the mediation, and the time frame for the mediation. In arbitration, the parties typically have less control over the process. The arbitrator is usually chosen by the parties, but the arbitrator has the final say on the rules of the arbitration, the location of the arbitration, and the time frame for the arbitration.
2. Cost. Mediation is typically less expensive than arbitration. The parties typically pay for the mediator’s fees, but the parties do not usually have to pay for the arbitrator’s fees. In arbitration, the parties typically have to pay for the arbitrator’s fees, as well as their own attorneys’ fees.
3. Confidentiality. Mediation is a confidential process. Anything that is said in mediation cannot be used in court. In arbitration, the arbitrator’s decision is typically confidential, but the parties can agree to make the decision public.
4. Finality. The parties can usually appeal a mediator’s decision. However, an arbitrator’s decision is usually final. The parties can only appeal an arbitrator’s decision if the arbitrator made a mistake of law.
Ultimately, the best way to resolve a dispute is the way that works best for the parties involved. Mediation and arbitration are both viable options for college graduates who are facing a dispute. The best option for you will depend on your individual circumstances.