Gunster litigator William Hill discusses arbitration in a Daily Business Review commentary – specifically how, in the right circumstances, it can be more efficient than litigating a legal dispute.
Setting yourself up for a fast, fair and reasonably priced arbitration begins with an appropriate arbitration clause in the corresponding legal contract or agreement. The scope, location and cost of the arbitration are among the items that should be contained within the clause, Hill says in the article. Fee sharing, in particular, can encourage both parties to keep costs down in an arbitration.
Choosing an arbitrator should be based on quality, not necessarily cost, Hill says. Experience as an arbitrator and with the issues are important.
Arbitration should not be treated like litigation, he points out. Limiting the number of arbitrators to a single one, and limiting discovery to only what is necessary can help curtail costs, often resulting in a cheaper alternative to litigation.
Read the article: How to make arbitration live up to its promise (Daily Business Review, 11/29/16) – note: subscription required.