There are many factors to consider when deciding whether or not to hire an experienced arbitrator, and it’s important to ensure you have the right person for the job before signing any contracts. Here are five of the top advantages of hiring an experienced arbitrator that could help your case with greater efficiency and lower costs overall.
Experienced arbitrators have years of experience
If you’re going to be involved in a dispute, whether it be contractual or commercial, it is advantageous to hire someone with experience. They have seen it all before and are well equipped to handle any situation that comes their way. Hire an experienced professional for your next arbitration because they will get to the bottom of what happened and make informed decisions as a result.
An experienced arbitrator reduces stress and surprises
Many people feel overwhelmed or unnerved by arbitration, especially when they have never been involved in one before. Being involved in your arbitration from start to finish can make all the difference in how you experience it, whether you are a party to it or simply a member of your company’s legal team. Having someone who knows both sides and is familiar with their previous cases can help make everything more predictable for everyone involved.
An experienced arbitrator will look at all points of view
When you’re in a dispute, your opponent will have a point of view—and so will you. An experienced arbitrator brings a wealth of experience and knowledge to bear on all situations, which helps them listen and understand both sides. When an experienced arbitrator is involved, you know that there’s someone out there who truly hears what each side has to say—and then makes a decision based on that information.
An experienced arbitrator can resolve disputes faster than inexperienced ones
A team of experienced arbitrators can resolve a dispute between two parties faster than people who have no experience in arbitration. The team’s experience allows them to know what needs to be done and when it needs to be done, which keeps a case from lingering for months on end. This means that both parties get what they want faster without spending additional time or money.
If something goes wrong, it won’t be your fault.
Choosing a seasoned arbitrator can make all of the difference in terms of maintaining control and influence over your case. The best arbitrators know how to manage expectations and get deals done efficiently. A bad arbitrator, on the other hand, will bring your firm down with him as he becomes mired in negotiations.
Plus, experienced arbitrators are well-acquainted with similar cases and how they were resolved. This means you’ll have fewer surprises and more accurate predictions about what might happen next.