1. Efficiency: Arbitration typically resolves disputes faster than traditional litigation, saving time and costs.
  2. Privacy: Arbitration proceedings are confidential, offering parties greater privacy compared to public court hearings.
  3. Flexibility: Parties can choose arbitrators with expertise in the relevant field, ensuring a more knowledgeable resolution. ARBITRATION FOR CONTRACT DISPUTES
  4. Limited Appeals: Decisions are often final and have limited grounds for appeal, providing a quicker and more conclusive resolution.
  5. Cost: While arbitration can be more cost-effective, it may still involve substantial fees, particularly for experienced arbitrators.
  6. Limited Discovery: The discovery process is typically more restricted in arbitration, potentially limiting access to evidence.
  7. Binding Nature: Arbitration decisions are usually binding, with limited avenues for challenging the outcome, reducing the ability to appeal.
  8. Lack of Precedent: Arbitration decisions do not set legal precedents, potentially leading to inconsistent outcomes in similar cases.