The pros and cons of arbitration for Tennessee businesses
On Behalf of McNabb, Bragorgos, Burgess & Sorin, PLLC | Jul 14, 2022 | Business Litigation
You can’t afford to get into a heated business dispute. The time and money that you spend on such a dispute are desperately needed elsewhere. When a problem arises that can’t be solved in the course of a normal negotiation, you need to look elsewhere. This is one of the reasons that many Tennessee companies will employ a professional arbitrator.
The pros of the arbitration process
Business litigation can be a long, drawn-out, tedious and costly process. It can take the focus of your company away from pioneering new paths that lead to greater prosperity. The time and energy that a lawsuit of this kind can consume are often counterproductive.
Arbitration is a good way to get your issues resolved so that you can get your company back on track. Both parties will sit down with an expert who will hear your arguments and engineer a compromise. The arbitrator that you choose should have knowledge of the industry and of the specific issues that you are facing. The decision that they come to can be the way forward.
Potential drawbacks of the arbitration process
There are many potential benefits that come with undergoing arbitration. It can be a great way to save your business from having to go through a long and costly lawsuit. However, there are also some potential drawbacks that can be associated with this process.
The decision reached by an arbitrator is binding. This is a condition that both sides agree to before the process begins. If you don’t agree with the decision they reach, you may feel that you have wasted your time because people who are unsatisfied with the decision enter litigation anyway. However, this is rare.
Arbitration can be a helpful way of saving Tennessee business owners time, money and stress.