Commercial arbitration was designed as an economical alternative to court trials. Discovery was limited, hearings proceeded unencumbered by the rules of evidence and an award was to be issued no more than 30 days after close of hearings.Finality was assured because there was no lengthy appeal. However, as arbitration has grown in popularity as a way to resolve business disputes, many have expressed concern that arbitration has become increasingly time-consuming and expensive — just like the trials it was meant to replace.
Even experienced counsel don’t always take advantage of the ability to tailor the arbitration process to fit a particular case. Flexibility is one of arbitration’s main benefits. Arbitration is contractual, so parties are free to stipulate to procedures appropriate for efficient handling.
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