Arbitration

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Arbitration by Mind Map: Arbitration

1. To be qualified as an arbitrator there are different qualifications for:

1.1. Lawyer Arbitrator

1.2. Non-Lawyer Arbitrators

1.2.1. Non-Lawyer Arbitrators are mostly likely to be placed in 3 member panel.

1.2.2. Like mediators, a qualified arbitrator is free from prejudice and biases

1.3. Lawyer and Non-Lawyer Arbitrator

1.3.1. O'Leary, (2015), "Arbitrators must be studious, methodical, - and capable of keeping adequate notes and records to understand the case and keep it straight in mind over the sometimes extended period of hearings.” (para. Non-Lawyer Arbitrators)

1.3.2. Qualified Arbitrators are highly trusted to be confidential and to be respectful with information they are knowledgeable of with all hearings. All knowledge about hearings should never be shared amoungst anyone without approval.

1.3.3. Like mediators, a qualified arbitrator is free from prejudice and biases

1.3.4. Arbitrators are usually business personnel or lawyers who have many years experience in their field, making and determining large decisions so training and skill set is a releventqualification for both lawyer and non-lawyer arbitrators.

2. Advantages

2.1. Arbitration can be less expensive than going to litigation

2.2. The time frame in which arbitration can take is a lot less time consuming compared to litigation. Some trials can take months even years whereas arbitration can be handled in days or around a years time.

2.3. One of the advantages of arbitration is the flexibility is provides compared to litigation giving the parties involved some additional flexibility in the rules surrounding documents and others materials that can be brought forward. According to "The Advantages And Disadvantages Of Arbitration Vs. Court Litigation" (2017), "Flexibility. Court litigation is largely controlled by statutory and procedural rules. Through provisions set forth in a construction agreement or upon mutual agreement of the parties once arbitration has commenced, the parties have the opportunity to establish rules and limits for pre-hearing exchange of documents or interrogation of witnesses, the manner in which an arbitration hearing will be conducted and the level of detail to be included in an arbitration award." (para. 4).

3. Disadvantages

3.1. Allen (2017),"If arbitration is binding, both sides give up their right to an appeal. That means there is no real opportunity to correct what one party may feel is an erroneous arbitration decision." (para. 1 ) This can be a disadvantage to one or even both parties if they are not satisfied with the arbitrators decision in the end.

3.2. Allen (2017), "The standards used by an arbitrator are not clear, although generally the arbitrator is required to follow the law. However, sometimes arbitrators may consider the "apparent fairness" of the respective parties' positions instead of strictly following the law, which would result in a less favorable outcome for the party who is favored by a strict reading of the law." (para. 7) Not having clear set forth standards and laws can cause a sense of unfairness for a party if the result ends up in the other parties favor.

3.3. According to "Arbitration Pros And Cons" (2017), Within the same small print in a contract that can require consumers to arbitrate their issues, there can also be language specifying exactly where an arbitration will take place. This location can sometimes be very inconvenient to the average consumer, as it could even be in another state, raising the cost and requiring time off from work.