What are the key differences between arbitration and litigation?

What are the key differences between arbitration and litigation?

Arbitration is a private dispute resolution process, while litigation is a public court process. Arbitration is usually faster and less formal.

Can you explain the advantages of arbitration over litigation?

Sure! Arbitration is often quicker, more cost-effective, and allows parties to choose their arbitrator, which can lead to more specialized decisions.

Are there any disadvantages to arbitration?

Yes, some disadvantages include limited appeal options, potential bias if the arbitrator is chosen by one party, and less transparency.

Which one is better for business disputes?

It depends on the situation. Arbitration is often preferred for business disputes due to its speed and confidentiality, but litigation may be necessary for complex cases.