What is arbitration? Was it Shakespeare who mused about killing all the lawyers? Henry the 6th or something? Hmmm…
Well if he’d done so, that’d make arbitration…not necessary.
So first…what IS arbitration? Well, basically it’s the adjudication of a case outside of the formal normal court system, which is massively clogged in the U.S....like, needs-a-million-gallon-enema kind of clogged.
The cost of fully adjudicating cases (that is, pursuing a lawsuit all the way to a judgement) has become astronomically expensive, not to mention time consuming. The process is also filled with silly loopholes that make getting to a real conclusion painful, if not impossible.
So it has become common practice for parties entering a partnership or contract in whatever form to agree to arbitration if a big fat hairy conflict arises down the road. In arbitration, both sides just hire their own separate judge…usually a retired judge from the normal court system with a lot of miles on her tires.
In arbitration, everyone simply relies on the arbitrating judge to be… fair. Lots of silly loopholes go away and quote justice unquote in whatever form is arrived at…faster. And if that doesn’t work…you can always do things the Shakespeare way.
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Finance: What is Arbitration?5 Views
finance a la shmoop what is arbitration? was it Shakespeare who mused about [Shakespeare on stage discussing arbitration]
killing all the lawyers, wasn't that Henry the sixth or something mmm well if he
done so well that'd make arbitration not necessary...So first what is arbitration?
well basically it's the adjudication of a case outside of the formal normal
court system which is massively clogged in the United States like it needs a [Man unclogging toilet]
million gallon enema kind of clogged... The cost of fully adjudicating cases has
become astronomically expensive and time-consuming and filled with silly [Contract loopholes highlighted]
loopholes that make getting to a real just conclusion painful if not
impossible so it has become common practice for parties entering a
partnership or a contract in whatever form to agree to arbitration if a big
fat hairy conflict arises down the road you know...In arbitration both sides agree [A hairy monster appears in the woods]
to hiring a separate judge usually a retired judge from the normal court
system.. In arbitration
everyone simply relies on the arbitrating judge to be fair lots of [Judge stamped fair]
silly loopholes go away and "justice" in whatever form is
arrived at well hopefully faster and if that doesn't work well you can always do [Shakespear carrying a lawyer on a ship and throws him overboard]
things to Shakespeare way...
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