ARBITRATION

ARBITRATION

1. ADVANTAGES

   • The first advantage or arbitration is that they are private proceedings. Within this process, both parties can agree to keep the proceedings private in terms of the resolution (Repa, 2017). The privacy with arbitration is that it can save both parties of embarrassment (Repa, 2017).
   • The second advantage to arbitration is that each of the party can decide who they want as their arbitrator. Each party has the choice of finding someone who is knowledgeable of their case. With their expertise, the arbitrator will understand the case and any evidence that is presented to them.
   • The third advantage to arbitration is that it is usually cheaper than litigation. Even though lawyers are hired during the arbitration process, it still cost less to resolve a case through this process (Repa, 2017). The process is still quicker and less complicated than the court process.

2. DISADVANTAGES

   • The first disadvantage to arbitration is the cost. The cost of arbitration can be considered as a disadvantage because it does not always reduce its price when resolving a legal issue. Arbitration can take many forms and can cause an increase in cost whereas litigation may not.
   • The second disadvantage is the time it takes to resolve the issue. Arbitrations are not always considered a quick method. Depending on the issue and how many parties are involved, sometimes it can take just as long as litigation to resolve the dispute.
   • The third disadvantage to arbitrations is the location. The location of where the arbitration will take place can be an inconvenience for either party. It can take place in another state or can cause the individual to take time off of work and having to spend more money to get there.