At Celtic Capital Corporation, we are able to serve as both an arbitrator or a mediator, if needed. Both arbitration and mediation are forms of alternate dispute resolution, but satisfy different purposes and serve different roles.
In arbitration, the parties to a dispute refer this legal conflict to be arbitrated by one or more arbitrators, and agree to be bound by the decision reached. This award, which is reached by the arbitrator(s) based on a careful review of the evidence presented, is legally binding and enforced by the courts. Arbitration is typically used for the resolution of commercial disputes, employment matters and consumer issues, especially ones related to securities and commodities. Arbitration is often mandated by the terms of contracts.
Another form of alternative dispute resolution that Celtic Capital can assist clients with is mediation. This is usually a non-binding settlement negotiation facilitated by a neutral third party-the mediator.
While both roles are performed during alternative dispute resolution processes, arbitrators and Mediators are quite different. Arbitrators are similar to judges in the settlement process, typically determining liability, and the amounts and types of damages. Mediators as a neutral person help the parties ventilate, negotiate in good faith, and then reach a middle ground so that legal compromises can be made.
Arbitration is often faster than litigation in court. This often translates into being more flexible and cheaper than expensive drawn out litigation. Since arbitration is generally a non-public forum, the process can be kept confidential, a huge pluses when trade secrets, potentially embarrassing or other private concerns are at issue.
As opposed to litigation, where parties hope and pray to get a friendly judge, parties to arbitration are allowed to choose the arbitrator(s) involved. The parties can select their expert arbitrator(s) from a panel supplied to them. My experience and expertise in legal, financial, and business will help you feel safe - knowing that a jury or a judge will not unfairly rule against you.
Mediation also has its advantages; some are similar to those found in arbitration. Mediation can reduce costs. A mediator may be able to bring a legal matter to an appropriate resolution in a matter of hours instead of months or even years when lawyers and a court is involved. The amount of time and money saved can be priceless in certain legal situations where time is of the essence.
Confidentially is also similar to arbitration, in that the mediation can remain private. However, the parties involved are in the drivers’ seats when it comes to reaching a mutually beneficial and binding conclusion. As mediator, it is my job to guide the parties to such a resolution of their issues.
As a client, even if you do not engage my services as arbitrator or mediator, I can still assist you in explaining the process about how it will works and what you can expect as it pertains to your existing or potential lawsuit and your best interests.
I serve on arbitration panels for FINRA and NFA.