What are some advantages of arbitration?

Many times your business-to-business contracts will include a provision mandating arbitration as the means of resolving any dispute regarding the terms and conditions of the contract. Although you will ordinarily not need to know the particulars of how arbitration works, in case you need to use your contract's arbitration clause this post will cover some of the advantages inherent in arbitration compared to litigation as a dispute resolution mechanism in Illinois.

Arbitration does not mean that you cannot have legal counsel to represent your interests, and if you are involved in an arbitration process you would be well advised to consult with an Illinois business and commercial law firm to help you to assess your situation and to help you to prepare your case before the arbitrator.

Below are some advantages of arbitration:

Cost: Arbitration almost always costs less than litigation, because of its simplified process and its faster route to completion.

Speed: Arbitration is much faster to arrange for and conduct than having a trial.

Simplicity: Instead of the formal process of a trial, which involves pretrial motions and discovery and which can be subject to delays, arbitration is ordinarily conducted by one or more arbitrators selected by the parties to the dispute or under the rules of arbitration that they select, and can be commenced with less legal maneuvering beforehand.

Confidentiality: Trials are public in nature. If the parties to a contract dispute want to keep the matter out of the public eye, arbitration procedures are private in nature.

Finality: Arbitration decisions are usually final in themselves, and if need be can be enforced in court.

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