Lawsuits are a generally acceptable way of seeking compensation for damages incurred due to lost opportunities for business. Costs of litigation can prove to be prohibitive however when legal battles ensue, committing both parties in court indefinitely. The emergence of alternative dispute resolution (ADR) thus serves as a credible legal option for addressing such business concerns. You may obtain useful assistance towards this end by visiting http://www.noglaw.com/.
What Is ADR?
In general, ADR refers to any method applied for resolving disputes outside of a courtroom. As such, this process requires no judges or jurors and involves far fewer rules. This makes it a somewhat simplified, yet expeditious way of conducting a trial, although rules get to differ at times based on location considerations. Arbitration and mediation are the two ADR forms most commonly applied by interested parties. Consulting with a seasoned New York Law Firm would be a great way for businesses to resolve their disputes amicably through such intervention as an example.
Being an informal legal option, mediation essentially refers to a process of negotiation that serves the interests of two opposing parties. This method utilizes an impartial observer known as a mediator, who listens to both sides with the intention of finding a workable agreement between them. Either side may accept or reject the potential settlement realized. A legally-binding and completely confidential contract would only be signed when both parties are in agreement. Parties in dispute may avail mediation services through Neufeld, O’Leary & Giusto.
- Instances of Application
Versatility is the primary benefit of mediation over other techniques of dispute resolution. It has been utilized in diverse kinds of cases, ranging from juvenile felonies to commercial litigation cases worth billions of dollars.
Much closer to a trial than mediation, arbitration affords lawyers the opportunity of introducing evidence and arguing before a panel which then decides their case. Arbitrators wield the authority of making a determination and even awarding an arbitrator award. Once they make a decision, it must then undergo review and approval by a tertiary party, such as a commercial litigation law firm before it finally becomes legally binding to both interested parties.
- Instances of Application
Arbitration proceedings are oftentimes expeditious in nature, because they do not rely upon how persuasive is a given mediator in sealing the deal. They tend to only last for between several few days and a week at most on average. Furthermore, the arbitration panel meets for just several hours daily, thus reducing legal costs. This process enjoys the advantage that opinions are not availed in public, which of itself makes arbitration a highly attractive alternative for settling commercial litigation disputes. Securities, construction, as well as labor disputes have been handled quickly and quietly through arbitration in recent times. You could perhaps approach a NY commercial litigation lawyer today to have your case resolved this way.
Contracting an Attorney
A generous number of attorneys are choosing to offer ADR services nowadays, given its growing popularity among parties in need of expediting justice for their disputes. Still, some of them lack first-hand knowledge of practicing in this highly specialized field. Sought through an experienced attorney however, services of alternative dispute resolution could afford litigants appreciable savings of time and money on matters involving commercial litigation.
You may check out http://www.noglaw.com/ if desiring to settle a dispute through a mediator or arbiter.