05-26-2021, 01:51 PM
The Top 10 Pros and Cons of Arbitration
Though it’s common for contract provisions to require arbitration, owners, general contractors, and subcontractors frequently disagree over the merits of this method of dispute resolution. Following are the top 10 pros and cons of mandatory arbitration.
1. COSTS
Pro: Unlike court litigation, it’s not necessary to hire a lawyer to pursue a claim in arbitration.
Con: Even though it’s not mandatory, most parties elect to be represented by a lawyer. Consequently, the cost savings of not using a lawyer often is not realized. And unlike court filing fees, which are relatively nominal, arbitration ordinarily entails substantial filing and arbitrators’ fees...
Click for the full article: https://constructionexec.com/article/the-top-10-pros-and-cons-of-arbitration
Though it’s common for contract provisions to require arbitration, owners, general contractors, and subcontractors frequently disagree over the merits of this method of dispute resolution. Following are the top 10 pros and cons of mandatory arbitration.
1. COSTS
Pro: Unlike court litigation, it’s not necessary to hire a lawyer to pursue a claim in arbitration.
Con: Even though it’s not mandatory, most parties elect to be represented by a lawyer. Consequently, the cost savings of not using a lawyer often is not realized. And unlike court filing fees, which are relatively nominal, arbitration ordinarily entails substantial filing and arbitrators’ fees...
Click for the full article: https://constructionexec.com/article/the-top-10-pros-and-cons-of-arbitration