In our continuing study of the third or conclusion phase of a Florida business lawsuit we have reviewed the informal methods of resolution consisting of settlement and mediation, and will now examine the more formal methods of arbitration and trial.
Arbitration can exist as an independent option where parties agree in a contract to resolve certain disputes in arbitration instead of in court. But, it can also be used within a lawsuit and can be binding or non-binding and can be by agreement or ordered by the Judge, but a Judge may only order the non-binding variety. A decision entered in a binding arbitration is final, subject to review, while one rendered in non-binding arbitration is not and rests somewhere between the informality of mediation and the formality of a trial because a party can reject the decision and take their case to trial. Logic leads one to the inquiry of what benefit arbitration provides if the case can still go to a trial, but the arbitration can act as a dress rehearsal for trial evidence and can show one party that they may not have a chance at trial.
Depending on the circumstances of any dispute, whether arbitration is useful or beneficial is a decision for you to make with you lawyer. Naturally, having an attorney who has a depth of experience and knowledge with arbitrations in and outside of lawsuits like David Steinfeld is highly beneficial to the analysis that your team should undertake in deciding this option.