When you are involved in a business dispute, you are no longer limited to resolving it through litigation. While lawsuits still have their place, other forms of dispute resolution have become integral tools for businesses to resolve disagreements.
Typically, arbitration involves an issue between two parties to a contract. The nature of that arbitration depends on what the contract allows, including whether the results of the arbitration are binding. An experienced business attorney could help you understand the provisions of an arbitration clause in your contract.
Parties often agree to arbitration to either avoid the cost of litigation, while in other cases, the language of their contract requires avoiding a trial. In either case, a Bloomington business arbitration lawyer could play a crucial role in protecting your rights during a contract dispute.
Arbitration vs. Trial
For most businesses, arbitration is a viable alternative to a costly, drawn-out trial. While this process replaces a traditional trial in many cases, the two are quite different. However, in either a trial or business arbitration, both parties have the right to a Bloomington attorney.
A trial is a familiar forum for most people. Both sides and their attorneys appear with lists of evidence and witnesses. First, the plaintiff puts on their case. Then, the defendant has their opportunity to put on their own evidence. Throughout the trial, both sides have the chance to ask questions of the other party’s witnesses. The rules are formal and strictly enforced.
The structure of arbitration is different. These hearings are far less formal, and the rules regarding witness testimony and evidence are not as rigid. Because the arbitrator is an attorney, the discussion of the issues is far more direct compared to the carefully worded arguments targeting a jury.
Like a trial, an arbitration ruling could be final. However, whether it is guaranteed to resolve a case depends on the nature of the agreement. Typically, the parties agree to arbitration when the original contract is signed. This agreement will determine if the outcome is binding or not.
Initiating Dispute Resolution in Bloomington
There is no inherent right for a business entity to enter into arbitration over a dispute. Whether the parties to a dispute enter into arbitration depends on if an arbitration agreement exists. Further, the specific disagreement itself must qualify under the agreement. The agreement could also set out the guidelines of the process.
The court has a limited role in these business arbitrations. A judge could get involved in determining whether a contract requires arbitration or not. If both parties disagree over entering arbitration, the court must review the language of the contract to determine whether arbitration must occur under the circumstances.
A judge also has a role after an arbitration. When it is binding, the court has the power to enter an order declaring the arbitration to be a legal judgment. From the hearing to the courtroom, a Bloomington business arbitration attorney plays an important role in the entire process.
Call a Bloomington Business Arbitration Attorney
Given the growing popularity of arbitration, it could be beneficial to your business to consider it as an option for any future disputes. However, the arbitration clause in any contract is an important component in that decision.
From drafting the arbitration clause to handling a hearing, your attorney can play an important role. Contact a skilled Bloomington business arbitration lawyer to discuss your rights.