I'm not usually a fan of arbitration. I have found that it costs just as much if not more than a court battle, and you cannot appeal an arbitration gone bad. These are serious issues that every business owner and executive should discuss with their attorney.
I'm also not a fan of court battles because they take so long and cost so much. When it comes to the consumption of pay by the hour legal services, time is money, and time is serious money when the trial date is 18 months away.
Here is a suggestion to consider. You're not going to ever have a perfect litigation or a perfect arbitration. Things will go wrong no matter way. The goal should be to get it over with as fast as possible so you can get on with your business. If you agree with this philosophy, you may want to consider including a rocket docket arbitration clause in select contracts that:
(a) appoints a named arbitrator to handle all disputes;
(b) sets a hearing date deadline of 30 to 60 days from the date of the Demand for Arbitration;
(c) requires mandatory disclosure of evidence.
Having the lawyers battle for 30 to 60 days will cost you far less than having the lawyers battle for 547 days (18 months). Win or lose, getting past the dispute as cost effectively as possible is often is the best thing that can happen for the business.
Here is a suggestion to consider. You're not going to ever have a perfect litigation or a perfect arbitration. Things will go wrong no matter way. The goal should be to get it over with as fast as possible so you can get on with your business. If you agree with this philosophy, you may want to consider including a rocket docket arbitration clause in select contracts that:
(a) appoints a named arbitrator to handle all disputes;
(b) sets a hearing date deadline of 30 to 60 days from the date of the Demand for Arbitration;
(c) requires mandatory disclosure of evidence.
Having the lawyers battle for 30 to 60 days will cost you far less than having the lawyers battle for 547 days (18 months). Win or lose, getting past the dispute as cost effectively as possible is often is the best thing that can happen for the business.
RSS Feed