1 Jun

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Advantages of Having an Arbitration Attorney Arbitration is a viable alternative to mediation or litigation as recommended by judges and lawyers in order to avoid overcrowding in the courts. An arbitration case can be a viable option and can be more successful if the case is straightforward and both parties are willing to talk things out. There are no judges in arbitration hearings but simply a panel composed of one to three arbitrators who are chosen by both sides. The plaintiff and defendant will file their pleadings which the panel will peruse before they listen to the arguments. Both sides can submit their documents through their attorneys and give testimony. Although arbitration is somewhat similar to similar trial, it is less formal. Because witnesses do not swear an oath during arbitration they are not subject to perjury laws and other related offenses. Arbitration cases are more expeditious than traditional trials on average. In traditional trials cases can be delayed and appealed and this is why cases sometimes languish in courts for years. From the time the initial claim is filed until the panel renders a decision, the average case takes a little over a year. The decision or award issued by the arbitration panel is binding on all parties.
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The arbitration process is fast and this benefits the plaintiff. The speed or arbitration results in smaller legal fees. Since the decision of the panel is confidential, company cases are not known by the public, and this is an advantage to the defendant.
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The disadvantage is that the ruling or award of the panel is final. There are also fees associated with the process which are determined by the size of the award and the number of hearings required to reach a decision. An individual investor and a person or entity that is with the Financial Industry Regulatory Authority involved in a case is qualified or eligible for arbitration. Arbitration can also be used to settle disputes that involve businesses. In most cases, the dispute is between an individual and his investor or brokerage house. And the reason why they choose arbitration is because most investment firms insist that their new clients settle any dispute they might have with them in arbitration, rather than in courts. This clause is almost always present in contracts between investors and investors. This process is not necessarily less expensive for investment firms, but they prefer it because it helps them avoid bad press. Self defense or representing yourself in an arbitration hearing is not recommended. This is because you will be pitted against a company that will have an experienced attorney who knows the process on their side. So for your best interests you should hire a securities arbitration attorney before filing your case.