West Palm Beach Arbitration Attorney
The West Palm Beach arbitration attorneys at Pike & Lustig, LLP have extensive experience arbitrating claims including, but not limited to, commercial litigation, employment, business and partnership disputes. We approach each arbitration with meticulous preparation and client involvement. The arbitration process requires high-level execution with the focus on obtaining a favorable result by weighing the benefits and anticipating consequences of certain decisions affecting your business or you individually.
Arbitration is designed to reach a favorable outcome without the expense and time of a trial at the State or Federal Court levels. However, it is still an adversarial proceeding conducted much like a trial with each side presenting their case and challenging the veracity and legal merits of the opponent’s case. While most of our clients involved in arbitrations are large corporations, we handle such matters for individuals and small businesses as well.
Most Common Types of Arbitration Cases
According to the Financial Industry Regulatory Authority (FINRA), the most common types of disputes that are settled by arbitration are as follows:
- Breach of fiduciary duty;
- Failure to supervise;
- Breach of contract;
- Omission of facts;
- Fraud; and
- Unauthorized trading.
The American Arbitration Association
Founded in 1926, the American Arbitration Association (AAA) non profit organization has been involved in third-party alternative dispute resolution for just under a century. The International Center for Dispute Resolution (ICDR) was founded in 1996 as the AAA’s international dispute resolution option, with expansion into 80 countries and 12 languages. All arbitrators must abide by the AAA’s and American Bar Association’s Code of Ethics for Arbitrators in Commercial Disputes. Our arbitration attorneys at Pike & Lustig, LLP adhere to the tested and proven rules, regulations, and standards that the AAA has been refining since the early 20th century.
How Arbitration Works to Resolve Conflicts Out of Court
An arbitration is less formal than litigation and more formal than mediation. No binding decision can be made by a mediator, which is not the case for an arbitrator. Similar to a court trial, arbitration works by two parties entering an agreement for a neutral third party arbitrator (similar to a judge) to hear both sides of the argument and make a decision afterwards. Both parties must comply with the decision that the third party makes. One of the main advantages to arbitration over litigation is efficiency. It is faster, less expensive, and there is more flexibility of terms and rules. Both parties are encouraged to work together, making arbitrations less hostile than the typical litigation. Unlike litigation, which involves courts with crowded schedules, arbitration dates can be made to accommodate both parties in a timely manner. Privacy is another major benefit of an arbitration over litigation. Both parties can agree to keep the final decision that is made completely confidential. This goes a long way in decreasing embarrassment or the revealing of important information that a company may want to be kept secret. Arbitrators are more able to make decisions freely, as they are not bound to state and federal legal precedents and also do not have to rationalize their decisions to either of the two parties. However, when choosing an arbitrator it is important to pick a firm that has a storied history of fair, intelligent, and careful decision making with high regard for the laws regarding the business operations in question. Decisions, termed an “award,” made by an arbitrator are almost always seen as binding agreements and will be upheld by a court of law. However, there are certain circumstances in which an arbitrator’s award may be overturned in a court of law. These are very unlikely circumstances, which include the following:
- The award was a result of corruption, such as fraud;
- The arbitrator was not a neutral party (they were heavily biased) or they were corrupt;
- The arbitrator was guilty of misconduct by refusing to postpone the hearing due to important new evidence, or they showed misbehavior or prejudice against either of the parties; and
- The arbitrator made a decision beyond their powers or failed at their duty and did not make a definite, final award.
Let Us Help You Today
We understand the rules set out by The American Arbitration Association, and we have the legal experience needed to arbitrate your case efficiently. Contact our West Palm Beach arbitration attorneys today.