Long Island Arbitration Lawyers
Arbitration is a form of private dispute resolution which is often governed by a private organization that maintains lists of available arbitrators and provides rules under which the arbitration will be conducted. Some examples of private arbitration organizations include the American Arbitration Association (“AAA”), Judicial Arbitration and Mediation Services (“JAMS”), National Mediation and Arbitration (“NAM”), International Chamber of Commerce (“ICC”), Financial Industry Regulatory Authority (“FINRA”), and others.
Typically, arbitration is the result of a pre-dispute contract entered into between parties wherein they agreed that if a dispute should arise, it would not go to a traditional court, but will be decided in a private arbitration forum.
Arbitration is nonetheless a binding adjudicatory process because the arbitrator (sometimes a retired judge, or a seasoned attorney) renders a decision at the conclusion of an arbitration hearing. In general, the arbitrator is an impartial person chosen by the parties. The arbitrator reads briefs and documentary evidence, hears testimony, examines evidence, and renders an opinion after a hearing. Thereafter, once the arbitration award is confirmed by a court, the award will be entered as a judgment. The arbitration decision is final and binding, and subject to very, very limited court review.
One of the hallmarks of arbitration (as compared to litigation in court) is that the formal discovery process (such as document exchange, depositions, and the like) is often truncated during an arbitration compared to court litigation. Each arbitration forum has distinct rules concerning the scope and extent of pre-hearing litigation.
If you are involved in a private dispute and need expert legal counsel to guide you through the process, please contact our Long Island-based business lawyers today.
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