There are two forms of arbitration: binding and nonbinding. Under binding arbitration, the parties agree to accept the arbitrator's decision as final, limiting their right to seek resolution of the dispute by a court.
The Orange List is a non-exhaustive list of specific situations that, depending on the facts of a given case, may, in the eyes of the parties, give rise to doubts as to the arbitrator's impartiality or independence.
Arguments should flow easily from the relevant facts and applicable law. Avoid exaggerating the strengths of your case as well as disparaging the opposing side. Remember that professionalism and credibility are critical to persuasiveness.
The Waivable Red List contains situations where a conflict of interest is likely to exist, but where the parties may choose to waive it. The Orange List contains situations where there is doubt as to whether a conflict of interest exists and which should therefore be disclosed.
Control Over the Process: Another hallmark of arbitration is the unparalleled degree of control over the proceedings it affords to the parties involved. Unlike the more rigid framework of litigation, arbitration empowers parties to tailor the process to their specific needs and preferences.
Arbitrations usually involve one or more hearings before the tribunal, where the parties' lawyers put forward arguments and question the other party's witnesses and experts. Hearings can last from half a day to many weeks or even months depending on the issues at stake.
To give you an idea of the process that arbitration typically involves, the American Arbitration Association describes artibtration as having five main steps: Filing and initiation. Arbitrator selection. Preliminary hearing. Information exchange and preparation. Hearings. Post hearing submissions. Award.
Much like the opening statement in a trial, your arbitration statement should lay out what the “evidence” – the written material – will show regarding the proper credit on the project. The Arbitration Statement is not established fact, just your assessment of the material.
There are typically seven stages of the arbitration process: Claimant Files a Claim. Respondent Submits Answer. Parties Select Arbitrators. Parties Attend Initial Prehearing Conference. Parties Exchange Discovery. Parties Attend Hearings. Arbitrators Deliberate and Render Award.