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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. Arbitration hearing are not presided over by a judge but b a panel composed of one to three arbitrators chosen by both sides. The plaintiff and defendant will file their pleadings which the panel will peruse before they listen to the arguments. Attorneys for both sides can submit documents and a testimony can be given. Although arbitration is somewhat similar to similar trial, it is 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. Arbitration cases are more expeditious than traditional trials on average. Traditional trials can languish in courts for years as cases are delayed and appeals are heard. In arbitration cases, the average a case takes is a little over a year from the time of the initial claim until there is a decision passed by the panel. 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. Defendants benefit from the fact that the decision is confidential and so company cases are not known by the public.
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There is a finality in the ruling or award of the panel and this is quite a disadvantage. You also have to pay certain fees related to the size of the award and the number of hearings required to reach the decision. 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. Disputes that involve businesses can also be settled through arbitration. An individual and his investor or brokerage house can have disputes, and this is another than can be for the arbitration process. And the reason why they choose arbitration is because most investment firms insist that their new clients settle any dispute they might have with them in arbitration, rather than in courts. This clause is almost always present in contracts between investors and investors. In order to avoid bad press, investment firms prefer arbitration although this is not exactly less expensive for them. It is not recommended that people represent themselves in arbitration hearing despite it being possible. You don’t want to be pitted against an experience attorney on the side of the defendant to contend with. So for your best interests you should hire a securities arbitration attorney before filing your case.