Are there any special considerations for commercial arbitration?
Yes, there are special considerations for commercial arbitration in Washington. Commercial arbitration is a type of alternative dispute resolution that is used when businesses have a disagreement that cannot be resolved through direct negotiation. It is designed to help these businesses reach a mutually agreeable solution without going to court. Due to the nature of commercial arbitration, special considerations have been put in place to ensure the smooth process of arbitration. These special considerations primarily focus on the parties involved and the agreement that has been made. For example, the parties involved in commercial arbitration must agree on the size and type of the arbitration panel. This panel consists of three people, with two of them chosen by each party involved while the third person is chosen by the two other panelists. Additionally, the parties must agree on the rules and the process of arbitration, such as the scope of the arbitrator’s authority or the use of documents. Lastly, the parties must also agree on how to handle the arbitration costs, including legal fees, witness costs and other related costs. This is important to consider since these costs can become expensive, especially if the arbitration process is lengthy. Ultimately, these special considerations for commercial arbitration help ensure that the dispute can be resolved in a productive manner. This is beneficial for both parties involved and the arbitration panel, as it allows for a more efficient resolution that is suitable for both sides.
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