Arbitration is a legally binding, non-judicial procedure that is held before a neutral third party, the arbitrator, who acts as a sort of “private judge”.
An arbitrator is usually an attorney. Instead of a judge, the arbitrator hears and decides the issues in a case. Arbitration can be binding, or non-binding. In binding Arbitration, neither party can unilaterally terminate the process, and both parties are bound by the arbitrator’s decision, as if it were a ruling from a judge. In non-binding Arbitration, the parties are not bound by the arbitrator’s decision.
Arbitration is not usually as formal as Court, although it is generally more formal than other out of court dispute resolution processes; it can often be more efficient and expeditious than waiting for a trial date if parties are in the litigation process. Arbitration may also be used in Mediation and Collaborative Law, for specific issues where the parties may be at impasse but still want to resolve the matter out of court.
Contact us to find out if arbitration is the right process to meet your legal needs.