Arbitration is an alternative dispute resolution methodpracticed virtually in every organized state or society.New York isn’t excluded in this alternative dispute resolution style,as a matter of fact; it ranks as one of the best in the arbitration field. The city boasts of arbitrators with donkey years of experience in the field.
New York is renowned for its effective arbitration process in settlement of disputes. Majority of arbitration process in New York are handled by seasoned judges.
Principles of arbitration
Arbitration is a process in which two or more conflicting parties use and involves a third party to settle disputes.The Arbitrator is usually an authorized person who has been appointed to settle a dispute. Arbitration is being adopted widely as an alternative dispute resolution method. This form of dispute resolution is mainly used by businesses and retailers. Some mandate it for customers as the sole means of dispute resolution.
- A neutral party must be involved in bringing about peace and the service charge must not be too exorbitant.
- The aggrieved parties at loggerhead must be ready to reach a consensus on how to settle amicably.
- The court is excluded in this process.
The best way to appoint an arbitrator
- Arbitrators are appointed through several ways for the purpose of dispute resolution.
- Arbitrators are usually appointed based on concurrence between the two parties at loggerheads.
- For those that are extremely busy, they can refer you to another arbitrator.
- The parties at loggerheads could mutually agree to appoint an external arbitrator.
New York has a standard set to be followed in an arbitration process. The parties who are disputing are to present evidence and other relevant facts to the arbitrator who will be the final judge after scrutinizing the evidence presented by both parties. The decision taken by the arbitrator is final and must be strictly adhered to by both parties as it has legal backing. Arbitration isbeing widely adopted when it comes to resolvingdomestic and international disputes. The disputing parties are at liberty to select or appoint a skilled and professional arbitrator. After the appointment of an arbitrator,documents and evidence are presented before the arbitrating panel for scrutiny. Once that is completed, then the final decision made will be legally binding on both parties.
In recent times, arbitration was used to settle disputes instead of litigation and it has several advantages which include
– It is a relatively cheap means of resolving disputes.
– Resources are usually well managed and the decision process is usually speedy.
– It is quite straightforward without the legal technicalities.
– It is a just means of settling disputes and it also promotes fairness,justice and equity.
New York ranks as a top commercial hub in the world that provides opportunities and conducive environment for its lawyers to help in settling disputes concerning financial and business matters.The city boasts of skilled and experienced lawyers drawn from all over the world who are vast in arbitration matters.