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What Is Binding Arbitration?
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Summary: Binding arbitration is a process through which an independent third party serving as an arbitrator is hired by an institution to preside over a hearing. Discover what a binding arbitration is, and how it forces someone to give up their right to sue in court, with advice from a certified family mediator in this free video on legal self-help.
Robert Todd is the managing partner and president of Robert M. Todd, P.A. and Family Law Solutions. He is a certified family mediator and Florida Supreme Court certified civil...read more
"You have a dispute with a business entity and you find out that you are going to be in binding arbitration. Hi, I'm Robert Todd and I'm here to explain what is binding arbitration. Well, binding arbitration is a process by which an independent third party serving as an arbitrator is hired by the institution, which whom you have the dispute, to preside over a hearing or process to decide the outcome. Basically, by agreeing to binding arbitration, you have given up your right to sue in a court of law. Yes, binding arbitration is less expensive, less time-consuming, but there are some pitfalls to binding arbitration. For the most part, binding arbitration usually involves an arbitrator that is picked by the institution or entity with whom you have the dispute. I would recommend, in my opinion, if you have an opportunity between agreeing to binding arbitration or mediation, whereby a neutral third party simply listens to the dispute and helps the parties decide whether or not they can reach an agreement on the dispute. I would opt for the mediation. I'm Robert Todd and thank you for watching."
eHow Article: What Is Binding Arbitration?
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