July 24, 2019
A look at the advantages and disadvantages of arbitration
When it comes to legal dispute most of us feel that the only way to resolve it is by going to court. But a legal trial can be a complex thing. So is there any other way of settling a legal dispute? Yes, you can choose the path of arbitration.
Arbitration means the settlement of a legal dispute without going to court. The dispute is brought in front of a neutral outsider that is the arbitrator who will try to find a fair solution to the problem.
Let us take a look at the advantages and the disadvantages of arbitration.
Now, this is why you must opt for arbitration:
You can expect a fair solution:
The arbitrator will take all the pros and cons into account. He will try to give a solution which is mutually agreeable to both the parties. There are higher chances of getting an outcome which both the parties will agree mutually.
Now a court trial can be a time-consuming affair. It can take many days for the trial to come to an end. But in the case of arbitration, you can expect to get the solution fast as compared to the traditional method.
If you compare this cost with that of a legal trial you will realise that this is a cost-effective option.
Agreeable outcome with full confidentiality:
Both the parties can expect that the outcome will be one that is agreeable to both. One can also be rest assured that the details will be kept confidential.
An option that has conclusiveness:
This is not going to be a never-ending procedure. Both the parties can expect a result. There will be finality to this process.
Are there any disadvantages?
There is no option of making appeals in the higher court. There are no specific rules of evidence that are followed. Also, this process is based more on documents than witnesses. So there is nothing like cross-examination. Sometimes there can be lack of consistency as there are no set standards for arbitration. Sometimes there may be issues regarding transparency.
Choosing the best arbitrator can be half the battle won:
As we can see that arbitration has a number of advantages but there are a few disadvantages. However this is still one of the best ways to resolve a legal dispute. Only one thing that you need to ensure is that you choose the best arbitrator. You need to choose one who has years of experience in arbitration and knows all the legal practices well. The question is where can you find the best arbitrator in Singapore? Your search ends with Essex Court Chambers Duxton.
Their members have expertise in commercial law, corporate, financial law etc. They have members who have successfully handled a number of arbitration cases. If you are looking for fast track method of resolving a legal dispute where you do not have to go to the court then consult the members of this Singapore Group practice.