The contracts you utilize with your clients and suppliers probably specify that any disagreements are to be resolved through alternative dispute resolution methodologies like mediation or, more likely, arbitration. While these processes can save you time, money and stress, they aren’t always the walk in the park that some businesses think they’ll be. In fact, you have to adequately prepare heading into them, otherwise you could find yourself on the losing end of the outcome.
Mistakes to avoid heading into arbitration
In arbitration, you’ll present your case to a neutral third-party whose decision on the matter becomes binding. Given the concrete nature of the arbitrator’s decision, you have to go into the process with an iron-clad legal strategy. Here are some mistakes that could prove costly during the process that you’ll want to be sure to avoid:
- Failing to gain a sense of how the arbitrator has previously ruled in cases, which could guide how you present evidence.
- Inadequately preparing witnesses to provide testimony at the arbitration.
- Neglecting to gather all relevant documentary evidence.
- Treating the process too informally.
- Misunderstanding what the process entails.
- Failing to appropriately argue over the weight that should be given to admitted evidence.
You have to be fully prepared heading into arbitration as if you were going to trial. Only then will you be able to lay out effective legal arguments that protect your interests and increase your chances of obtaining the outcome you want.
Find answers to your arbitration-related questions
Arbitration can seem like a less formal process. While it is to a certain extent, you still have to be ready to advocate for your position. If you have questions about the most effective way to do that, then you may want to discuss your case with your attorney so that you have the guidance needed to build the case you deserve.