Arbitration is name given to the technique of resolving a dispute, legally, outside of the courts. Those involved in the dispute refer their case to an arbitrators or arbitration tribunal who review the case and impose a final ruling that both parties are legally bound to adhere too.
Arbitration is often used to resolve national and international commercial disputes and employment and commercial contracts. Commercial arbitration funding and international arbitration funding can often be acquired to help cover costs of the process.
Pros of Arbitration
- When the dispute is highly technical the person called upon to be the arbitrator is likely to be an expert in that field. In normal litigation the judge could be anyone.
- Arbitration is quicker and often cheaper than litigation cases.
- Arbitrary proceedings can be made confidential.
Cons of Arbitration
- Arbitration can be more complex than litigation.
- There are very few avenues for appeal.
- If the arbitration is binding, parties wave their right to access the courts or have a judge decide their case.
It is also important to bare in mind that arbitration is not the same as judicial proceedings, mediation, expert determination or ADR (alternative dispute resolution) Arbitration is also so binding that there are very few ways to appeal or garner a review once a decision has been made.
What happens if you can’t afford funding for arbitration?
In our current economic climate the need for arbitration funding has risen dramatically. Complex or valuable disputes can run into difficulties due to a lack of funding which is why third party funding for arbitration can prove invaluable. Third party arbitration funding providers often offer much more than just financial support. Experience means that funders are able to impart valuable advice and best practice information specific to each individual case.
Obtaining funding for arbitration will not only fund the process but thanks to the specialist knowledge they bring to the table they will speed up the process and achieve the best possible results with the least amount of hassle.
To find out more about how funding for arbitration can be ascertained, contact Woodsford Litigation Funding and find out how their financial muscle can help you achieve resolution.