The Pros and Cons of Arbitration
At the beginning of a legal dispute, parties should review the business contract to see if an arbitration clause is included. Arbitration is a private method of legal conflict resolution where a dispute is submitted to one or more arbitrators instead of a judge. Unlike a dispute in court, the parties select the arbitrator(s), and also pay the fees of the arbitrator(s). The arbitrator renders an arbitration award to conclude the dispute. Unless an exception applies, the arbitration award cannot be appealed, but it can be enforced in court. In Texas, you may be required to arbitrate if the contract has an arbitration clause. Organizations must understand the potential positives and negatives of the arbitration process. Read below to understand the pros and cons of legal arbitration and how the Dallas law firm of Ritter Spencer Cheng PLLC can help parties involved in a legal dispute make the right decision for their business.