Arbitration is an alternative dispute resolution (ADR) process similar to a trial. An impartial arbitrator hears the arguments and evidence presented by disputing parties to come to a decision and an award that will be binding or non-binding. Binding or non-binding awards are based on the written agreement of the parties before the arbitration hearing.
Benefits to Arbitration
- The Texas Courts supports arbitration. Civ. Practice & Remedies Code, Title 7, Chapter 154.
- A binding arbitrated resolution can be enforceable by the Courts. Civ. Practice & Remedies Code, Sec. 154.071
- Discussions and Resolutions are private and may be confidential. Civ. Practice & Remedies Code, Sec. 154.073.
- Arbitration can be scheduled prior to parties receiving a trial date. Civ. Practice & Remedies Code, Sec. 154.021.
- Arbitration is cost-effective.
- Arbitration saves time.
- The parties are empowered to authorize a binding or non-binding resolution. Civ. Practice & Remedies Code Title 7, Sec. 154.027