6 Facts About Options Everyone Thinks Are True

What is Arbitration and Why Do I Need an Arbitration Attorney? Because of overcrowding in the courts, some judges and lawyers recommend arbitration as a viable alternative to mediation or litigation. Any case can enter arbitration but this option is more successful if the case is fairly straightforward and the plaintiff and defendant are willing to talk things out. There are no judges in arbitration hearings but simply a panel composed of one to three arbitrators who are chosen by both sides. The plaintiff and defendant will file their pleadings which the panel will peruse before they listen to the arguments. Documents from both sides and be submitted and testimonies given. This process is similar to a traditional trial but it is far less formal. Witnesses are not subject to perjury laws and related offenses in arbitration, and this is because here they do not have to swear an oath. If you have an arbitration case, you benefit because it is more expeditious than traditional trials. if your case is delayed and appealed, your traditional trial can languish in court for years. From the time your case is filed until the time the decision is passed by the panel, the process of arbitration can take a little over a year. The award issued by the panel is binding on all parties.
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The speed of the process greatly benefits the plaintiff. The speed or arbitration results in smaller legal fees. Since the decision of the panel is confidential, company cases are not known by the public, and this is an advantage to the defendant.
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Because the ruling or award of the panel is final there is no room for appeals and is quite a disadvantage. Fees are charged according to the size of the award and the number of hearings required to reach the decisions. An individual investor and a person or entity that is with the Financial Industry Regulatory Authority involved in a case is qualified or eligible for arbitration. Arbitration can also be used to settle disputes that involve businesses. In most cases, the dispute is between an individual and his investor or brokerage house. The reason for this is that most investment firms now insist that their new clients settle any dispute they might have with them in arbitration, rather than in courts. Most contracts include this clause between investors and investment firms. This process is not necessarily less expensive for investment firms, but they prefer it because it helps them avoid bad press. Self defense or representing yourself in an arbitration hearing is not recommended. This is because you will be pitted against a company that will have an experienced attorney who knows the process on their side. So, before filing your case you should start looking for a securities arbitration attorney to help you with your case.