Arbitration is generally cheaper, faster, and more informal than litigation. Unlike litigation, the parties have far greater control in terms of choosing the "judge" and to determine when and where and how the matter will be decided. Once the dates are set there is far less worry about being bumped by another case, or taken off calendar.
The parties also may agree to the specific rules under which the case will be heard and the types of evidence that will be accepted. For example, the parties can agree in their arbitration provision to allow in evidence that might not be admissible in a court without having to incur extraordinary expense. The parties also may agree on how the arbitrator should go about determining or allocating damages, expenses, attorney fees, and arbitration costs.
Arbitration also is "final". Once a decision has been rendered, there is no traditional appeal. An arbitrator’s Award and Opinion can only be set aside or "vacated" for very specific statutory reasons.
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