What are the key differences between litigation and arbitration?

What are the key differences between litigation and arbitration?

Litigation is a formal legal process in court, while arbitration is a private dispute resolution method.

Which one is generally faster?

Arbitration is usually faster than litigation because it avoids the lengthy court procedures.

Are there any situations where litigation is preferred?

Yes, litigation may be preferred for complex cases or when a public record is important.

What about costs? Is one more expensive than the other?

Litigation can be more expensive due to court fees and longer timelines, while arbitration often has lower costs.

Can you appeal an arbitration decision?

Generally, arbitration decisions are final and not subject to appeal, except in limited circumstances.