The alternative dispute resolution techniques are generally less formal, less expensive, and less time-consuming than fighting in court. This can give businesses more opportunity to determine when and how their dispute will be resolved. By including alternative dispute resolution provisions in agreements with customers and vendors, businesses can avoid costly litigation expenses and attempt to resolve disputes through mediations and arbitrations.
Mediation allows an impartial person called a “mediator” to help the parties try to reach a mutually acceptable resolution of the dispute. In arbitration, a neutral person called an “arbitrator” hears arguments and evidence from each side and then decides the outcome of the dispute. Arbitration is less formal than a trial, and the rules of evidence are often relaxed. Arbitration may be either “binding” or “nonbinding,” depending on the terms of the agreement entered between the parties. Furthermore, in the case of arbitration the parties have far more flexibility in choosing what rules will be applied to their dispute. For instance, parties can choose to apply relevant industry standards, domestic law, the law of a foreign country, a unique set of rules used by the arbitration service, or even religious law, in some cases.
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