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When you own or operate a business, you understand that business dispute can arise at any time, and can involve a wide range of issues. If the controversy involves concerns about performance under a business contract, there may be a clause in the agreement requiring that you first attempt to settle your differences through commercial arbitration. Even if arbitration is not mandated, it can be a cost-effective way to resolve your dispute with minimal impact on your bottom line.
What is Arbitration?
Though many people have heard the term, there remains confusion regarding what it is and how it can benefit you. Arbitration can often be mistaken for mediation. How does the process work and what are its benefits?
In an arbitration proceeding, you circumvent the courts by taking your claims to a single arbitrator or an arbitration panel. The person or persons arbitrating your dispute are professionals (usually lawyers) who have considerable knowledge and experience in the area of your dispute. They will act as a mini-judge and jury, considering evidence as well as legal arguments. If necessary to help them make their decision, they may take testimony from witnesses. At the end of the proceeding, they will make a decision regarding the outcome.
In a commercial arbitration, the services your lawyer provides are similar to those offered in a civil trial. Your attorney will gather, evaluate and preserve all critical evidence, and may depose witnesses. There are documents that must be prepared and submitted to the arbitration panel. Your attorney will also appear on your behalf during the arbitration proceedings.
The advantages of commercial arbitration can be significant. Because you are not going through the court, you do not need to get on the court’s docket, and can often complete a commercial arbitration if far less time than a trial. Because an arbitration takes less time, it generally costs less. Furthermore, because your arbitration will be handled by an expert or panel of experts, there is less likelihood of a misunderstanding of the facts, and a verdict based on emotion.
At Tobolsky Law, we have more than 30 years of experience protecting the rights of individuals, businesses and business owners in southern New Jersey and southeastern Pennsylvania. We are committed to providing prompt, personalized and effective service. Our goal with every client is to develop a long-term relationship built on trust and results.
Contact Tobolsky Law
To learn more about the benefits of commercial arbitration, contact our office online or call us at 856-428-5700.
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