Question

defend three specific methods you would use to make the typical arbitration procedure more effective. What are the advantages to your suggested procedures?

Answer 1

Below are the three specific methods to make the typical arbitration procedure more effective along with the advantages to suggested procedures:

1. Choosing the right arbitrator: It is extremely important to choose the right arbitrator who has sufficient experience, skillsets and the right temperament. The arbitrator must be knowledgeable enough and must have handled such kind of situations in the past as well. Advantages of choosing right arbitrator is that it saves a lot of time and effort of the parties involved in arbitration and the case is finished faster and smoothly.

2. Attention must be given to arbitration clause: Proper attention must be given to the arbitration clause and all the intricacies of the case must be studied beforehand. Homework must be already done before proceeding for arbitration since it would eliminate any later surprises. It happens a lot of times that the party is not aware of the clause which results in losing the case and weak negotiation. Advantages of paying attention to the arbitration clause is that a solid case is formed and the party gains confidence as well. All the loopholes are also known beforehand and case is run efficiently as well.

3. Remain open to settlement: It is important for both the parties to remain open to settlement and compromise a little bit in order to arrive at a reasonable settlement and negotiation so as to avoid dragging the case longer. Advantages of remaining open to settlement are that case timeline is shortened and also results are arrived quickly. Also both the parties are satisfied with settlement as well and peaceful coexistence is maintained between the parties.