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