What are the advantages of arbitration?

Arbitration is a popular method of resolving disputes outside of the court system in North Carolina. It offers a variety of advantages over litigation in the court system. One advantage of arbitration is the ability to have a dispute resolved quickly. The process is often faster than litigation, as it does not involve a prolonged process of discovery and trials. An arbitrator can typically resolve a dispute in a matter of weeks. This is beneficial for all parties involved, as they can move on sooner rather than waiting for a resolution from the court system. Another advantage of arbitration is the ability to choose an arbitrator who has specialized knowledge in the area of the dispute. This expertise is beneficial in both understanding the parties’ perspectives and determining a fair resolution. The parties also have the option to choose a neutral arbitrator if they wish. The cost of arbitration is often lower than litigation, as parties do not have to pay for filing fees or lawyer’s fees. The arbitrator is typically hired on a flat fee basis and the parties pay for the costs that arise from the proceedings. Additionally, the process is usually private, making it a more discreet way to resolve disputes. Finally, arbitration allows parties to reach a resolution, while the court system often only awards a judgment in favor of one party. This means that the outcome of an arbitration may be more beneficial for both parties in terms of an agreement that meets their needs. Overall, arbitration offers numerous advantages over litigation, such as speed, cost savings, privacy and a potentially fair resolution. This method of dispute resolution can be beneficial for North Carolina residents looking to settle their differences outside of the court system.

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What are the advantages of arbitration?

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