Benefits of Arbitration
Arbitration is a method of solving disputes in which the dispute is submitted and settled by one or many arbitrators. This is a very good form of dispute resolution and if it is handled well, it can provide various benefits. These are a few of the many benefits of arbitration.
1. Successful dispute resolution
Arbitration is a quicker and simpler method of resolving various types of disputes in comparison to other methods. Apart from that, arbitration can be used to solve different types of disputes ranging from friendly bets, divorce settlements to commercial disputes.
2. Very economical
The greatest advantage of using arbitration is the fact that it makes justice even more affordable. This is because both parties only require paying a very small fee and there are no travelling expenses or other expenses charged. You do not require taking time from your other businesses to attend court as well. In fact, any person can use arbitration to solve their disputes regardless of their economic status unlike other methods.
3. Fast outcome
The other advantage that comes with using arbitration is the quick results that one gets. The entire process is completed within a short time once the dispute has been heard by the arbitrators.
Nowadays, there also the option of online arbitration offered. This makes the whole process easier since you will only need to provide details of the other party as well a brief explanation of your case. This particular form of arbitration takes place through email and this means that you can provide all these necessary information from the convenience and comfort of your home.
4. Unbiased dispute resolution
Arbitration makes use of neutral and experienced arbitrators in order to ensure unbiased and fair outcomes that are solely based on evidence provided in every individual case.
The main disadvantage of arbitration is that it can be quite costly, particularly if an arbitrator panel is used.