Disputes, either between companies or people, do not always need to end up in court. Arbitration offers various advantages and is considered a useful alternative to court proceedings. The US, and New York especially, is an international arbitration hub and for this reason it has strong arbitration laws throughout the country.

There are many reasons to opt for arbitration. First of all, the two parties will be able to choose their arbitrator (or panel of arbitrators), who will be independent. Second, the arbitrator’s decision will be confidential, meaning that businesses and corporations that want to keep their company secrets away from their competitors will prefer arbitration to court proceedings. Third, arbitration may cost a lot less than a trial, as its duration is usually shorter than a trial’s. The decision is also binding, meaning that both parties will have agreed in advance that they will accept it unconditionally.

Arbitration has a lot in common with a trial. Lawyers will be representing both parties and arguments and counterarguments will be heard. However, the proceedings can be less formal, as the two parties can agree in advance not only on who the arbitrator is going to be, but also on the arbitration seat, even the arbitration rules.

If you are interested in learning more about arbitration and its advantages or if you are in a dispute that should be settled in arbitration, you should be able to find an arbitration lawyer among those listed in myLawyer.