What is Arbitration?
Arbitration is confidential, less expensive, and faster to achieve a solution when compared to litigation. Arbitration offers both parties more control over the terms of the solution.
Arbitration is a process whereby a neutral third-party hears both sides of a dispute and makes a binding decision to resolve the issue. The chosen arbitrator who uses common sense, knowledge and experience to judge the relevance and value of the evidence presented. Thus the parties don’t have to worry about rules of evidence and what evidence is admissible.
The parties can agree in advance to a maximum and minimum payment, which the arbitrator is not told about. The parties can even agree in advance how any award will be paid, or rather than a money judgment, that the responsible party can fix the problem. Thus the parties don’t have to worry about the unpredictability of a jury verdict. The parties can also agree that the arbitrator’s award will not become a judgment until there is a chance to make good on the award or to fix the problem.
Ted Limbrick holds a class A General Contractor’s license and has been building custom homes in the area for over 25 years and is available to join Blanton as co-arbitrator. He has experience in mediation as well.