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.
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Enforcing arbitration as a judgment can be done by asking a local court to approve that award and convert it (or “reduce it”) into a court-enforceable judgment. Once this is done with the court registry, the court will confirm the award and enter judgment.
A claimant will typically start arbitration by sending a document known as a “request for arbitration” or a “notice to arbitrate” to its opponent.
FINRA requires investors and other parties to file their arbitration claims via the DR Portal—except for investors representing themselves, who have the option to file by mail. If you are new to the DR Portal, please create an account. Login to the DR Portal and select “File a New Arbitration Claim” in the left column.
When you present your evidence during arbitration, you should follow the rules and the arbitrator's instructions carefully. You should also use clear and concise language, avoid jargon and technical terms, and explain the source, purpose, and significance of your evidence.
If your case involves factors like privacy concerns, the need for a quicker resolution, or the desire to avoid a public jury trial, arbitration might be an ideal solution. However, if you're worried about the finality of the arbitrator's decision or the potential for bias, you might prefer the traditional court route.
These cases range from breach of contract or licensing agreements, business torts, and franchise to construction and infrastructure disputes in companies from start-ups to the Fortune 500 in a variety of industries.
But first, let's get some context. What is arbitration? ... #1: Understand the arbitration agreement deeply. #2: Understand the applicable rules. #3: Conduct preliminary research and gather information. #4: Know your arbitrator. #5: Prepare your client. #6: Draft the opening statement. #7: Manage the hearing day.
Arbitration Process A hearing will be held after the discovery, which is conducted by the arbitrator, who is much like a private judge. At or before the hearing, the parties may submit a statement of the case that outlines their view of the facts and arguments in support of their respective positions.