It often happens that disputes arise between the companies and the consumers. These disputes can vary from minor to major and can even send you to jail if the matters are taken to court. However, you can save yourself if you opt for an arbitration program. It is basically a method that the companies make use of to resolve disputes with their clients. It involves a third party that settles down the disputes. Both of the parties that are in dispute with each other reach out to an arbitrator and expect a fair decision to be made.
One can’t simply go for arbitration unless he/she has an arbitration agreement that is signed by both parties. Once the agreement is signed, this means that both of the parties will willingly carry their current and future disputes to the arbitrator. If you are planning to have an arbitration agreement, you first have to understand the benefits it carries along.
Below are some benefits of an arbitration program a business can enjoy.
It’s Not Expensive at all
The best thing about an arbitration agreement is that it saves you a lot of time. Imagine taking a dispute to court. Court has a lot of multiple legal processes going on at a single time, and there might be a possibility that your case will be delayed. Through an arbitration program, your case will be paid special attention to by a third party, which is all there to look into your dispute closely. Moreover, you just have to choose the arbitration option, and it’s not expensive at all. When taking a dispute to court, you will have to spend money at every step. Starting from filing the paperwork to paying the court fees, everything demands money.
Choose Your Own Arbitrator
When going for an arbitration agreement, you have the choice to pick the arbitrator with who you feel most comfortable. This gives you the ability to choose the arbitrator who works the best in your case. This especially is extremely useful when you are so particular about picking someone who has amazing experience in this field. Most of the arbitrators have a good experience; however, choosing someone by observing them closely gives you even more peace of mind that you have made the right choice.
No jury Involved
In an arbitration program, there is no need for the jury, and the best part is that it’s not even involved. Although the jury can be very beneficial in multiple ways, it can be very pointing and stressful at pinpointing situations which can make your position. It’s pointless to take business disputes to courtrooms as it doesn’t even make sense at all. An arbitration program can deal with your dispute effectively without having to worry about the jury.
Refuse Hiring Someone
You have the option to refuse to hire someone who doesn’t sign the arbitration agreement. If you are planning to work with a company and it doesn’t sign the arbitration agreement, you can refuse to sign the contract with that company. An arbitration agreement is something that’s essential for every business, so why not sign it first with every company you work with. It will save you from a lot of trouble.
Avoid Hostility
If you get in a dispute with a company you are working with, and matters are taken to court, trust me, there is going to be a lot of mess. The other party might turn aggressive towards you, and a fight may break. This hostility might go away soon, but you won’t be able to get on friendly terms with the other company. Imagine yourself being in such a situation where a company you are working with is head over heels crazy after you drag you to jail. Would you even like to work with such a company in the future? Of course, no one would! However, when it comes to the arbitration agreement, the environment is comparatively very calming, and the arbitrator tries his level best to make the situation run smoothly. This results in no hostility, and both parties can mutually agree on a certain decision.
