Litigation, Arbitration and Mediation
Everyone is familiar with litigation and its ramifications. One party hires an attorney and files a lawsuit requiring the other party to also hire an attorney and defend the lawsuit. Anyone who has ever been involved in litigation knows that it is expensive, time consuming, emotionally draining and unpredictable. With litigation, until a judge or jury decides who is right and who is wrong, you are never certain of the outcome. Alternative dispute resolution, including arbitration and mediation, has been gaining popularity as a method to remedy some of the shortcomings of litigation.
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Mediation, on the other hand, is generally conducted before a single mediator who does not judge the case but helps facilitate a discussion and eventual resolution of the dispute. Besides being confidential and non-binding, mediation is relatively quick and inexpensive when compared to actually litigating a dispute.
Both arbitration and mediation employ a neutral third party. Arbitrator generally acts similar to a judge and makes decision about evidence and gives written opinions, which can be binding or non-binding. Although arbitration is sometimes conducted with one arbitrator, the most common procedure is for each side to select an arbitrator and for those two arbitrators to select a third arbitrator. The dispute is then presented to the three arbitrators chosen, with a majority of the arbitrators rendering a written decision.
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