Arbitration Process Details
Arbitration is just like a trial except instead of a judge and jury you get a panel of one to three arbitrators which act as both judge and jury. They hear and weigh the arguments and evidence of both sides of a case, then render a binding decision. The arbitrators generally include at least one “industry” person and two non-industry. This may include accountants, attorneys, sales representatives, bankers, educators, retired judges and other professionals. Unlike court proceedings, arbitration usually doesn’t involve depositions, motions, or appeals. It’s usually much faster and cheaper than civil court. The average length of time is 12 months from filing to first hearing versus more than two years in state or federal court. The arbitration process is explained in detail at the Securities Law website.