What are the cost differences between arbitration and mediation?

What are the cost differences between arbitration and mediation?

Arbitration typically involves higher costs due to fees for arbitrators and legal representation, while mediation is generally less expensive.

Can you break down the costs involved in each process?

Sure! In arbitration, costs include arbitrator fees, administrative fees, and legal fees. Mediation usually has a mediator fee and possibly some administrative costs.

Which option is more cost-effective for small disputes?

For small disputes, mediation is often more cost-effective due to lower fees and a quicker resolution process.

Are there any hidden costs in either process?

Yes, in arbitration, hidden costs can include additional legal fees and costs for expert witnesses. Mediation may have fewer hidden costs, but it's important to clarify all fees upfront.