What is Dispute Resolution?
Dispute Resolution, also known as alternative dispute resolution, is a process where a neutral and impartial third person acts to encourage and facilitate the resolution of a dispute without costly litigation. It is an informal and non-adversarial process intended to help disputing parties reach a mutually acceptable agreement.
The most common forms of dispute resolution are mediation and arbitration. Typically, mediation will involve one neutral party who is trained to facilitate the resolution process. One of the benefits of mediation is the parties are able to construct the solution to their problem without the risk of an unpredictable result imposed by a judge or a jury. Mediation is generally less expensive than litigation with more predictable outcomes. Most of the time, a mediation is non-binding, except when the parties enter into an agreement at the conclusion of the mediation, intending to be bound by the result. Most of the time, the parties to the dispute will share the costs of mediation.
Like mediation, arbitration is the submission of a dispute to a neutral third party arbitrator whereby the parties agree in advance to abide by the decision of the arbitrator. There can be more than one arbitrator, depending on the nature of the dispute. Unlike traditional litigation, arbitration takes place outside of the courtroom. The arbitrator’s decision is usually final, and courts rarely reexamine the outcome. Typically, the arbitrator will assign the responsibility to a party for the costs of arbitration.
Attorney, Peggy R. Hoyt, is a certified Florida Circuit Court mediator and concentrates her practice in the areas of estates, trusts, elder law and animal law related disputes. She is also a FINRA arbitrator, serving when called upon to assist in the resolution of securities industry related disputes. Peggy was employed as a financial consultant from 1984 to 1988 and brings her financial and legal backgrounds to the dispute resolution arena.
Call our office to schedule a brief complimentary telephone conference with one of our attorneys, to discuss our fees for this service.