The Credit Professional Fall 2015 | Page 26

continued from page 25 control over any of these factors in a court proceeding. Instead, the rules of civil procedure apply and allow for broad discovery, depositions of witnesses, extensive production of electronic data and documents, and an extensive motion practice. It can also mean lengthy appeals. This results in average trial costs that could range from $50,000 to $250,000, while the costs of arbitrating the same types of disputes could range from $20,000 to $150,000. Costs are also impacted by the length of time it takes to conclude the proceeding. The American Arbitration Association reports the average time to conclude an arbitration matter ranges from four to six months for consumer disputes to eight months for most commercial disputes. the testimony, documents and details of the dispute outside of the arbitration proceeding can be controlled by the parties. Who is permitted to attend the arbitration can also be decided by the parties. In an era where legal battles could cost your company By contrast, Federal district millions, including an court cases take an average arbitration provision in your of 23 months to conclude the agreement can be an effective trial portion and can take up solution. Studies show that to 40 months to go through those who have taken an appeal. advantage of the arbitration process are satisfied with it. These participants sight the Privacy and expertise of the arbitrators Confidentiality: Court proceedings are generally available,