Dispute arbitration in Chicago Illinois may be initiated by one of the parties or may be required under a business contract. In either event, dispute arbitration in Chicago Illinois consists of having a person or panel decide a legal issue outside the typical courtroom setting. There are several reasons why many businesses prefer arbitration over litigation.
Arbitration is a form of alternative dispute resolution that provides greater power to the parties than traditional litigation. The parties are able to select their arbitrator or panel of arbitrators, allowing them to choose an arbitrator who has subject matter expertise. This is often a very critical factor in using this form of conflict resolution. The parties know that the arbitrator may have a greater understanding of the issues involved in the case and can spend more time proving their case than trying to educate the fact finder.
Another important aspect of arbitration is that it can help resolve problems more quickly. This is a crucial consideration in many business dealings. A typical trial may take years to reach a conclusion whereas arbitration may help resolve the problem within months. A faster resolution can mean that new opportunities can be taken advantage of and misunderstandings can be cleared up faster.
Unlike litigation which may drag out for even more time with appeals, arbitration usually has greater finality so long as the parties agree to this. There are only a few limited reasons why an arbitration decision can be appealed.