Litigation is a great way to get things done in a legal sense. It is one of the most traditional methods of handling disputes, especially those that are beyond your ability to resolve without outside interference.
But what about alternative dispute resolution methods? What are your options there, and why should you consider going for those instead of traditional litigation?
Mediation as an alternative method
FINRA discusses some alternative resolution methods compared to litigation. First, you have mediation. This poses the greatest differences compared to litigation. Mediation involves a third party – the mediator – overseeing your dispute. This mediator cannot make any legally binding decisions about your dispute. However, they contribute through other means.
First, they provide guidance through the dispute. They ensure that all parties have the ability to speak and have their ideas heard. They offer their opinion and can give valuable advice as an unrelated third party with no stake in the matter. This option will save you the most time and money. It best serves those who already think they can work through their disagreement mostly on their own.
The support of arbitration
But what happens if you need a little more than that? In such a case, you may want to look at arbitration instead. An arbitrator serves a similar role to a judge. They pass down a legally binding decision after listening to all parties present their arguments. In other words, you must abide by whatever their decision happens to be.
This will still save time and money compared to traditional litigation. At the same time, it provides some of the necessary structure. If you need additional support, consider this option.