Understanding Arbitration and Its Popularity
Arbitration involves the appointment of an independent arbitrator chosen and paid for by the parties to the dispute. In certain situations, the arbitration may be held before a panel of Arbitrators.
Arbitration is a popular conflict resolution approach in the construction industry because it is a process that can bring closure to an intricate, multi-faceted dispute in a private, and often more timely and cost-efficient manner than traditional litigation.
Arbitration is less rigid than the traditional court litigation process. Choosing to proceed by way of Arbitration affords the parties to the arbitration and the arbitrator the opportunity to craft a process that aligns with the nature, complexity and size of the dispute.