Alternative dispute resolution is a process that allows individuals to settle legal issues outside of court. There are many advantages to settling civil disputes through alternative dispute resolution. Two of the most popular forms of alternative dispute resolution are arbitration and mediation. Below we discuss the value of arbitration and mediation.
What is mediation?
Mediation is a type of alternative dispute resolution that gives parties to a civil dispute an opportunity to decide if they will agree to a settlement. Mediation is led by an intermediary called a mediator. The mediator guides negotiations and attempts to help the parties resolve their differences. Mediation is often an effective and efficient way to settle civil disputes outside of trial.
What is arbitration?
Arbitration is a form of alternative dispute resolution in which parties involved in a dispute present evidence and statements to an arbitrator. Arbitration is more formal than mediation, and the arbitrator in a case has the authority to decide on the dispute based on the information provided by the parties. When the arbitrator in a case reaches a decision, he or she provides a written arbitration award. The award issued by an arbitrator is legally binding.
Benefits of Mediation and Arbitration
Speed
Litigation can take months or even years to conclude. Alternative dispute resolution, however, is often a much quicker process. The parties to a mediation or arbitration can schedule the proceeding at any time without having to wait for an open trial date. This drastically reduces the amount of time parties must spend resolving their dispute.
Cost
An effect of the prolonged litigation process is high costs. Discovery, attorney fees, court fees, and a litany of other costs often pile up during the long, slow litigation process. However, when parties choose mediation or arbitration over litigation, this often drastically reduces costs. As noted above, a big reason for this is that arbitration and mediation usually take much less time to complete than litigation.
Confidentiality
Finally, court cases, opinions, and judgments are public record. Mediation and arbitration, however, are confidential. These processes don’t create public records, so parties that participate in alternative dispute resolution can maintain their confidentiality.
Contact Our Experienced Business Litigation Lawyers Serving Northern New Jersey and the Greater New York Area
If you need assistance with a business litigation issue in New Jersey or New York, you need an experienced business litigation lawyer on your side. At Rosenblatt Law PC, we are well-versed in mediation, arbitration, and litigation. In addition, our attorneys are experienced negotiators, and we are known for our ability to obtain results at the bargaining table. Regardless of whether your case involves litigation, mediation, or arbitration, you can trust us to protect your interests. In order to discuss your case with us, please contact our office as soon as possible to set up a consultation.
