Commercial Dispute Arbitration
While many businesses choose to address legal disputes through the court system, the courtroom is not the only place available for resolving conflicts. At Stok Folk + Kon, our experienced commercial litigation attorneys can consult with entities in Fort Lauderdale and the surrounding communities to determine how to address a legal issue. Whether you choose litigation or a different method of resolution, our attorneys can help.Using Arbitration to Address a Conflict between Entities
The arbitration of commercial disputes serves as a viable alternative to filing a cause of action in a court of law. The process differs from a traditional lawsuit in many ways. First, arbitration is less time-consuming than traditional litigation. The arbitration process lasts an average of several months, whereas a conventional lawsuit can take up to two or three years to complete, particularly if one of the parties appeals the initial decision. This shortened time frame makes arbitration an attractive alternative for businesses that want to avoid the lengthier process of a trial in a court of law.
Furthermore, the parties to the dispute have the option of choosing their arbitrators. Parties can choose to have one individual arbitrate the dispute, or they can choose to have a panel of arbitrators listen to the proceedings and issue a decision. In addition to selecting the number of arbitrators hearing the case, the parties can also choose which particular arbitrators they want to oversee the case. Many arbitrators have expertise in specialized areas, thus enabling parties to select someone who is familiar with the subject matter of their dispute. Arbitrator expertise can be particularly helpful in commercial business disputes, where the subject matter is likely to be nuanced and extremely specific.
Arbitration also differs from traditional litigation in that the proceedings are often confidential. In a standard trial, the proceedings are open to the public, as is the verdict rendered by the judge or the jury. In arbitration, however, the hearing is kept private, and decisions and awards, if any, are not disclosed to the public. This facet of arbitration may be appealing to larger business entities that are concerned with upholding their image and maintaining a certain reputation.
Not only are arbitration decisions kept private, but they are also final. It is extremely difficult to vacate an arbitration award once it has been handed down. While there is a formal process for appealing arbitration decisions, it is very lengthy and difficult. Thus, arbitration appeals are rare. This process also differs from the traditional trial in that it generally costs less to arbitrate a matter. However, parties are required to pay an agreed-upon or daily fee to the arbitrator for overseeing the case.Consult an Experienced Fort Lauderdale Attorney for a Business Dispute
Whether you choose to resolve your legal issue through arbitration or traditional litigation, enlisting skilled lawyers committed to handling your business dispute with care is a wise step to take. The Fort Lauderdale lawyers at Stok Folk + Kon have been serving the region around Fort Lauderdale and Hollywood for over a decade, and we are dedicated to offering thoughtful and attentive legal counsel. Call us today at (954) 237-1777 or contact us online to schedule an appointment.