Best Business Attorneys in Skokie, IL

What is Arbitration? Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court. -Arbitration is consensual -Arbitration can only take place if both parties have agreed to it. In the case of future disputes arising under a contract, the parties insert an arbitration clause in the relevant contract. -The parties choose the arbitrator(s) -The parties can select a sole arbitrator together or, if they choose to have a three-member panel, they agree on these arbitrators as well. Alternatively, the arbitration center can suggest potential arbitrators with relevant expertise or directly appoint members. -Arbitration is neutral -Parties are able to choose such important elements as the applicable law, language, and venue of the arbitration. This allows them to ensure that no party enjoys a home-court advantage. -Arbitration is a confidential procedure -Protects the confidentiality of the existence of the arbitration, any disclosures made during that procedure, and the award. -The decision of the arbitral tribunal is final and easy to enforce Parties agree to carry out the decision of the arbitrator(s) without delay.