If you have a commercial dispute, the terms of the contract might stipulate that any conflicts be resolved through arbitration. Arbitration has evolved as a form of alternative dispute resolution that has helped numerous parties resolve their cases in complex business and other matters. Often, New York parties involved in a dispute over contract terms, delivery or other commercial issues would prefer to have some layer of privacy in their dispute resolution.
In litigation, the entire case can become a matter of public record, showcasing what the company sees as private information in a broadcast setting. In arbitration, however, there’s a higher level of confidentiality about the negotiations, which can help to shield commercial enterprises as they talk through solutions for their dispute. In many cases, arbitration has been effective at helping close out commercial disputes at a much lower cost than litigation and in a much shorter time frame. There are so many benefits to arbitration for all types of parties engaged in a commercial dispute. Hiring an arbitrator who knows the field and understands the benefits of arbitration can make the process go even more smoothly for everyone involved.