When faced with a complex legal question, you may wonder whether you have the option to attempt to resolve your case without going to trial. There are many types of legal disputes where resolving a case without a public trial is not only preferable but recommended. This article will discuss the benefits of resolving your case through mediation and arbitration, no matter how complicated. We will also explore the difference between mediation and arbitration.
What is mediation?
Mediation is the process of voluntarily allowing a neutral third party to facilitate discussion in an attempt to resolve a legal concern. Although the mediator does not have any authority to render a decision or judgment, their legal knowledge and understanding of conflict resolution strategies may help disputing parties find a solution they can both agree on.
What is arbitration?
Arbitration is the process of assigning a neutral third party the authority to make a final decision in a legal dispute. The preparation and structure required are similar to a court hearing but much smaller in scale. Bringing in an arbitor gives you the reassurance that you will have a formal decision made by the end of the process. Arbitration is often the preferred method of solving complex disagreements, particularly in a high-stakes dispute.
Mediation or arbitration?
Both mediation and arbitration are faster and less expensive than full court proceedings. They also offer privacy and an easier way to discuss various options. A judge may order mediation or arbitration in a particular dispute, but choosing to try these routes voluntarily can save you time and money.
When deciding how to resolve the type of dispute that can come up in a high-stakes business agreement, informing yourself about your options will help you proceed as amicably and efficiently as possible.