Dispute arbitration in Chicago Illinois is a process that is similar to litigation but that comes with a few key advantages. There are two primary times when dispute arbitration in Chicago Illinois is used: when it is mandatory and when the parties agree to it.
Dispute arbitration may be mandatory if the parties through a contract agreed to use this type of resolution if a conflict arose. This may be in relation to a corporate contract, an insurance contract or a contract for the purchase of goods. Even clicking on a button or purchasing a ticket may come with this type of limitations on available remedies.
In contrast, many parties openly agree to use arbitration rather than litigation. This is largely due to the advantages that arbitration provides. For example, arbitration allows the parties to select the person responsible for making the decision in their case. This means that they can select someone who has expertise in the particular subject matter of the case, such as business or insurance law. Another advantage is that arbitration tends to be faster than traditional litigation. This is often because discovery is limited in arbitration, making it easier for the parties to get to the heart of the dispute than they would if they were bombarded with discovery motions and responses. Additionally, many people prefer the finality that arbitration offers since arbitration decisions cannot be appealed except in cases with limited exceptions.