Substantial savings can be achieved through arbitration. Time-consuming and expensive pretrial procedures, including depositions, interrogatories, and motions are usually eliminated. The arbitration hearing is held in a private conference room rather than a courtroom. Unlike a trial, the hearing cannot be attended by the general public. Expertise of arbitrators.
Arbitrators usually have special training in the area of the case.
In a textile dispute, for example, arbitrators serving on the panel are probably respected merchants, lawyers, or other professionals with significant experience in the textile industry. Their knowledge of trade customs helps them identify and understand a problem more quickly than a judge or jury. Increased odds of obtaining an award. Some lawyers believe that arbitrators are more likely than judges to split close cases down the middle. The theory is that arbitrators bend over backward to satisfy both parties to some degree since their rulings are final and binding.