As a Las Vegas businessperson, you may at some point find yourself facing litigation. At the Aldrich Law Firm, Ltd., we understand that you might want to know about the options available to you if you are facing a lawsuit or planning for the possibility of one in the future. Would it be in your best interest to go to trial with a judge presiding, should you try to settle out of court or would arbitration be a good choice? The answer can depend on your personal preferences, as well as the individual circumstances surrounding the case.
In this post, we will be discussing arbitration. What is arbitration, and how exactly does the process work? According to the World Intellectual Property Organization, arbitration functions in much the same way as the litigation process; however, it is a form of alternative dispute resolution. During arbitration, you may be able to call witnesses, present evidence and argue for your case. An arbitrator or panel of arbitrators would make the final ruling, rather than a judge. In order to arbitrate a case, both you and the other party would need to agree to it. You may choose to include an arbitration clause in your contracts with employees, subcontractors and consumers.
Are there benefits to arbitration? Often there are, or many companies would not include the provision as an alternative to litigation in their contracts. The results of your arbitration case may be private, rather than having your company’s lawsuit and financial information made a matter of public record. Arbitration may also take less time and expense than a court trial. You might be able to request an arbitrator with expertise in your industry, which could potentially help your case.
Any legal decision, such as choosing between arbitration and litigation, requires a general knowledge of the process and an understanding of which option would be the most likely to benefit you. You can learn more about resolving corporate disputes by visiting our business litigation page.