In the case of a panel of arbitrators, each side chooses an arbitrator and the two arbitrators then pick a neutral third arbitrator. There are several types of arbitration based on formality, the parameters of the award and whether the award shall be binding or non-binding. By mutual agreement, the parties may fully control the range of issues to be resolved by arbitration, the scope of the relief to be awarded, many of the procedural aspects of the process and the selection of the neutral arbitrator. Because of its informal nature, arbitration is usually faster than litigation. Arbitration can eliminate many of the expensive procedures and discovery associated with formal litigation.
Arbitration is designed to be less formal than a court proceeding.
The parties will be able to give their side of the story in comfort and privacy. This program is designed for controversies in which the court requires or the parties agree that an arbitrator make a final decision. It is more formal with opening statements, the parties presenting evidence and closing arguments. The procedures of non-binding arbitration are similar to those of binding arbitration. However, the parties agree in advance that the award is to be advisory only, and they are not bound by the decision of the arbitrator.