Fast-Track Arbitration: The Definitive Guide
Legal disputes vary significantly. It stands to reason, then, that there ought to be multiple ways of resolving these disputes. Not every case is suitable for the expensive, labor-intensive litigation process.
This environment is where Alternative Dispute Resolution proceedings such as arbitration come into play — providing trusted methodologies for resolving disputes outside of court. And fast-track arbitration can make the process move even faster.
What is fast-track arbitration, and how does it work? The attorneys at Cokinos | Young have put together this definitive guide to help show you the way.
What Is Fast-Track Arbitration?
Fast-track arbitration is an alternative form of dispute resolution governed by special rules designed to speed the path to an outcome. The process has different applications depending on the set of rules selected but generally involves setting strict deadlines and sharply limiting evidence submissions.
What Types of Cases Are Eligible?
Generally speaking, fast-track arbitration is used only for cases with smaller dollar demand. These amounts vary depending on the governing body and country. The American Arbitration Association, for example, sets the cutoff for fast-track arbitration cases at $100,000, while the International Chamber of Commerce sets it at $2 million. Parties can choose by prior agreement to follow fast-track rules for cases over $2 million.
Why Opt for Fast-Track Arbitration?
Over the years, traditional arbitration has gained a reputation for being anything but quick. Fast-track rules seek to deliver a decision with certainty within 60 to 90 days after case initiation. The goal is to get to an outcome in a faster, less costly way.
How Else do Fast-Track Rules Accelerate Cases?
Typically fast-track rules involve cases overseen by a single arbitrator rather than a traditional three-person tribunal. The sole arbitrator has more leeway to encourage the parties to settle their disputes based on written submissions and their experience.
Downsides of Fast-Track Arbitration
One of the concerns about fast-track arbitration is ensuring the process produces a result that follows the law and is enforceable. The case may continue in court if a decision leaves room for doubt. Some vulnerabilities include parties claiming that they did not have a chance to present their cases properly. Fast-track arbitration cases generally do not allow for the presentation of expert witnesses, so not all cases are appropriate for the accelerated set of rules.
Trusted Counsel for Your Fast-Track Arbitration
Cokinos | Young has extensive experience in all forms of Alternative Dispute Resolution, including fast-track arbitration methods. We have applied our Alternative Dispute Resolution capabilities in cases involving commercial, industrial (onshore and offshore), residential and highway construction, employment, real estate, lender liability, commercial fraud, deceptive trade practices, intellectual property, contract issues, personal injury, and insurance coverage.
Whether searching to advance or defend a claim, to resolve a dispute as economically as possible, or adopt a policy involving methods of Alternative Dispute Resolution, the practical experience of Cokinos | Young adds significant value. Our team is also certified as arbiters by the American Arbitration Association. Call us at 713-535-5500 or contact us online for a consultation.