Why Choose Online Arbitration?
One of the questions we most often get is “why choose arbitration over traditional litigation?” Simply put, if a business needs to collect on overdue debts, making sure they can reach a judgement quickly, cheaply and easily should be top-of-mind. Online Arbitration aims to achieve all of these for your company in a confidential setting that can help you to still preserve your business relationships.
Let’s take a look at the benefits of Online Arbitration in more detail.
1. Cost
Arbitration doesn’t require any formal facilities and disputes are evaluated based on documents only (without the need for formal arguments). This already cuts the cost of hiring legal professionals to argue cases on your behalf.
Both the registration and arbitration fees are capped, and it specified which party is responsible for the payment of the arbitration cost. This means that Online Arbitration won’t hold any unexpected cost surprises in store for you.
Even the Respondent benefits from the lower cost. Without the need for an expensive legal team to argue their case in court for the next 24 to 36 months, Online Arbitration is far more likely to reduce the strain on their finances as well.
2. Speed
If there is one thing that all businesses value just as much as cash flow, it is time. Through Online Arbitration, claims can be finalised in as little as 8 weeks. Compare this to traditional litigation that can easily last anywhere between 24 and 36 months.
With that said, it is important to know that this increase in turnaround time doesn’t come at the cost of quality. The Online Arbitration process is set up to allow plaintiffs and defendants a fair opportunity to present their case while cutting out distractions and stalling tactics that we so often see in traditional litigation cases.
3. Finality
The award of the Arbitrator is as valid and perfect in law as any judgment made by any Presiding Officer of any court. An award made by an arbitrator can also be made an order of court if necessary to proceed with a Writ of Execution.
At the same time, the court does not have the authority to change or amend the award of the Arbitrator in any way. Indeed, the Applicant can proceed with a Writ of Execution if the Respondent does not respond or perform in terms of the award. The Applicant will be in the best possible position to recover any money due and payable to them.
4. Simplified Procedure
In a nutshell, you don’t have to be a lawyer to understand or initiate arbitration. Online Arbitration moves away from the mounds of paperwork, multiple hearings, depositions, subpoenas and complicated processes that traditional litigation is known for.
You are empowered to attend to your own case - simply submit an affidavit, and the invoice to be arbitrated. The Online Arbitration process is user friendly and simplified, making it accessible to anyone.
Still, remember that you can also get help whenever you need it. Any party may get assistance from any legal representative to assist with the drafting of its documents. Since no formal hearing takes place, the documents that you present ultimately determine your success. So whether you’re confident to handle your own affairs, or you need a little help, you are free to participate in the process in a way that works for you.
5. Confidential
This Online Arbitration can be done in a confidential manner as agreed upon between the parties involved. It is as simple as that – no issues have to be raised in public and businesses can handle their disputes discreetly, professionally and without risk to their reputation.
6. Preserve your business relationship
Online Arbitration has been proven to keep relationships intact. Businesses are built on good relationships, and it is always sad to see good relationships crumble over disagreements that should be easy to rectify. Aside from the significant time and cost tied to traditional litigation, it is often overlooked how destructive that process invariably is to partnerships that have taken many years to build. The fact of the matter is that dragging disputes like these out in the public arena that is our court system, hurts everyone.
There are many benefits to Online Arbitration, but to us the single most important reason to arbitrate, is the value it holds for the future of your business. Companies can disagree and have disputes – just like people – but finding constructive ways to resolve them quickly and correctly can indeed make your partnerships stronger in the long run.