What is Arbitration?
At arbitration a neutral person, usually a lawyer, hears arguments and renders a decision. The decision of the arbitrator is final and binding. An arbitration hearing can be less formal than a court proceeding and the rules of evidence can be more flexible than in court.
Careful analysis of the dispute involves fact and document gathering and involvement of those who are able to provide evidence. Analysis of the facts and the law are necessary to permit an assessment of risk and of the value of a claim or level of exposure to a claim.
What is the difference between mediation and arbitration?
The mediator does not make a decision, but rather works with the parties to assist them in finding their own solution to the dispute between them. The agreement is not legally binding.
An arbitrator, also a third-party neutral, makes a decision based on the evidence presented in the arbitration proceedings, and the decision, unless otherwise agreed, is binding on the parties.