| “Arbitration remains a very viable option for | | | | business-friendly nature of arbitration is actively |
| most conflicts” says Kurt V. Beasley, a | | | | practiced by the Waterford Law Group where |
| Brentwood Tennessee attorney. Arbitration is a | | | | Kurt V. Beasley is a founding partner. As Mr. Kurt |
| private, informal process that allows the parties to | | | | Beasley explains it, mediation acts as a form of |
| a contract agree, in writing, to submit their | | | | insurance against loss of good will and, if handled |
| disputes to one or more impartial persons who will | | | | by experienced arbitrators and arbitration-counsel, |
| adjudicate and resolve the controversy by | | | | enables parties to continue a business relationship |
| rendering a final and binding award to the | | | | after the proceeding is long over with. |
| prevailing party according to Kurt Beasley. | | | | Finally, unlike court rules which are usually set out |
| Arbitration has certain advantages over Court | | | | in formal procedures which are never varied, |
| proceedings. | | | | parties to arbitration are free to customize and |
| In many cases arbitration can be heard without | | | | refine the basic arbitration procedures to meet |
| the long delay. For a case to go to court the time | | | | their particular needs. If the parties agree on a |
| period required is usually longer. Arbitration | | | | procedure that conflicts with the rules of the |
| however allows for the possibility of selecting | | | | Arbitration body selected, the arbitration body will |
| arbitrators that suit the timetable of the parties. | | | | respect the procedure opted-for by the parties |
| The traditional court system can stretch conflict | | | | suggested by attorneys like Kurt V. Beasley |
| resolution out for months or even years. Kurt V. | | | | unless these would, in the experience of the |
| Beasley would much rather see a conflict more | | | | arbitrators, be unworkable. |
| peacefully resolved. | | | | Arbitration is used for a wide variety of disputes - |
| There are other benefits as this option is | | | | from commercial disagreements involving |
| considered. The adversarial nature of court | | | | intellectual property, major commercial technology, |
| hearings usually guarantees that parties to a | | | | activities, securities transactions, real-estate, |
| dispute heard in court will never be able to work | | | | construction, insurance claims and employment |
| together again. Arbitration hearings are usually | | | | grievances says Kurt V Beasley. Arbitration |
| held in private and in a less adversarial setting | | | | provides a viable solution for almost all commercial |
| where the parties feel that a business | | | | business conflicts. While there are many benefits |
| disagreement is being sorted out. A more | | | | to arbitration, a common assumption that may be |
| reasoned approach allows both parties to feel as | | | | incorrect is that the costs of complicated |
| though they are not going to war. Many times | | | | arbitration may be less than the costs of a full |
| arbitrators will try to persuade the parties to | | | | court hearing. This is an aspect that is best |
| utilize an even more peaceable approach which is | | | | discussed with professionals prior to beginning the |
| mediation. Most arbitration systems can assist in | | | | process. Once a decision has been made the |
| facilitating an attempt to expedite settlement | | | | parties can quickly move into the process of |
| without going to arbitration at all. The more | | | | resolution. |