Arbitration in the Shadow of the Law
Arbitration is often characterized exclusively as a procedural option for resolution of contract disputes. Procedural benefits include the facts that: (1) arbitrators can be selected for their expertise in matters pertinent to a dispute, thus reducing the potential for judicial error as well as the time costs of and expenditures on dispute-resolution relative to litigation; (2) as a less adversial procedure than litigation, arbitration is more likely to sustain repeated-dealing relationships.
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