Selecting an Arbitrator
Businesses often encounter lawsuits when a dispute may arise between two firms.
Litigation is often expensive and take a lot of time. This has led to alternative dispute resolution, which allows both parties to gain more control over the dispute process. The outcome is ultimately decided by an experienced arbitrator. Here are a few tips on how to select an arbitrator.
While anyone can act as an arbitrator, a dispute between two firms is associated with industry-specific issues, which means an arbitrator with knowledge of the industry is required. A quality arbitrator should also possess outstanding reasoning, writing and analytical skills
You will also need to make a decision on the amount of arbitrators you will need. A dispute between small companies will only require one arbitrator, however, complicated case involving large companies could require a panel of three arbitrators.
You will need to research by consulting legal resources. Bar associations will usually post a list of qualified arbitrators comprising of former judges and attorneys. An experienced attorney can also be consulted to find qualified arbitrators.
You will need to agree terms with the opposing party to proceed with an arbitrator for the alternative dispute resolution.