Video: What is arbitration?
Unlike going to a state court or federal court, you will pay for the right to arbitrate. Each party will pay the arbitrators fee, or the arbitrator panel fee and the arbitration administration fees. Unlike going to state court, where the fees are more minimal. It will cost you more money to arbitrate, but your case will be a little bit more informal and it'll take a lot less time than going to state or federal court. The only way you can arbitrate is if you have arbitration clause in a written agreement or otherwise agreed to by the parties. Prior to entering into a business relationship, consult with a lawyer with experience in business agreements, so that you can understand whether arbitration is in your best interest at the inception of the relationship.