As an increasing number of disputes are litigated through binding arbitration, its traditional theoretical advantages over the court system — principally lower cost and speedier resolution — seem to be realized in practice with diminishing frequency.
In light of this apparent evolution, this seems a good time to examine some of the oft-cited benefits of binding arbitration, notably the ability of parties to choose a neutral, limit discovery, participate in an informal and efficient hearing and wind up with a nonappealable arbitrator’s decision. My own recent experience in this area also has led to some suggestions on ways to optimize arbitration and achieve prompt and economical resolution of disputes.
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