Contracts often contain arbitration clauses which mandate this form of dispute resolution to settle disputes as to contract interpretation or enforcement of contract rights. Arbitration, while less expensive than litigation, is no less important as a dispute remedy mechanism. Unlike in litigation, it is often a “one shot deal”. This is to say that each side has the opportunity to present a brief on the issues at hand, the arbitrator(s) will have the opportunity to examine witnesses, hear testimony and argument and will then render a decision.
Because of the tightened time frame and limited briefing schedule, competent legal representation is essential. The arbitrator will be on a tight timeline and have little patience for legally irrelevant information and hearsay. It remains a cost effective means of resolving disputes.