Cost-Effective Strategies for Arbitration

Abstract

Arbitration is evolving from a swift, cost-effective alternative dispute resolution mechanism to a slow, laborious process akin to litigation in terms of procedure and costs without the safeguards of litigation. By use of several unique techniques to reduce the time and costs, the original virtues of arbitration can be restored, while maintaining the integrity of the process and its inherent procedural fairness. This article details several suggestions on how, with some forethought and planning, cost and time reductions can be enacted without sacrificing the main tenet of the arbitration process, namely, a fair, swift, and cost-effective dispute resolution process.