Mediation / Arbitration
Parties to a business or real estate transactions are commonly required by contract to mediate or arbitrate their disputes. Even if mediation or arbitration is not required, these procedures are often helpful to avoid the time and expense of litigation.
How do mediation and arbitration differ?
Mediation and arbitration differ in several key ways. Mediation is generally much less formal and less expensive but is non-binding. Arbitration, while more expensive than mediation, is generally less expensive than litigation and involves a binding decision. Arbitration can be relatively informal or formal depending upon the terms of any relevant contract or by subsequent agreement between or among the parties. Arbitration may also include discovery and/or a formal written opinion of the facts and findings of the arbitrator. Critical to the arbitration process is the choice of a competent unbiased arbitrator.
The Thode Law Firm P.C. will counsel you to determine whether mediation, arbitration or another form of alternative dispute resolution is a viable and cost-effective alternative to litigation. Call us today for a free consultation about your legal dispute.