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There are several advantages to using arbitration as a substitute for litigation. For one thing it is much quicker and far less expensive. An issue can be submitted to arbitration and decided in less time than it takes to complete just the pleading phase of a lawsuit. Arbitration also creates less hostility than does litigation, and it allows the parties to continue their business relationship while the dispute is being decided. Finally, under the arbitration process complex issues can be submitted to an expert for decision. For example, if an issue arises concerning construction of a building, by using arbitration it can be submitted to an architect for decision. Besides lawyers other specialists frequently serve as arbitrators; physicians decide issues relating to physical disabilities, certified public accountants decide those regarding the book value of stock, and engineers decide issues relating to industrial production. Of course a substantial amount of arbitration is also conducted by the academic community, especially in the area of labor relations.
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Besides lawyers other specialists frequently serve as …
physicians
engineers
arbitration
arbitrators
