National arbitration and mediation or NAM is a cost-effective alternative to litigation, which is more expensive and time-consuming even for big corporations and groups. Many organizations use this method to resolve disputes and other legal problems in their operations.
Here are three facts you need to know about this option:
NAM has specific areas of expertise
NAM’s areas of expertise include Insurance, Construction, Personal Injury, Complex Commercial, Professional Liability, Dispute Resolution for Real Estate, and Employment. National arbitration and mediation has rosters in 50 states in the US and is considered an ideal alternative to solving disputes without going into litigation.
NAM is ideal for companies
Legal cases can drag on for months, and litigation can even drag on for years. NAM is an ideal solution for companies looking for a timely, effective, and convenient resolution to disputes, so they don’t have to spend more than they intend in litigation and legal services. It’s also a good way for the parties involved to get the solutions they need to move forward.
The difference between arbitration and mediation
The arbitration process is like going to court for litigation. But unlike the actual litigation process, arbitration is less expensive, less complicated, and definitely faster. In this process, the two parties choose an “arbitrator” to resolve the problem. On the other hand, mediation aims to avoid arbitration. Mediation often takes place before the arbitration. In this process, a “mediator” assists in finalizing negotiations between the two parties.
The legal process can take its toll on both parties, especially if it drags on for years. This is why many people, even big corporations with money to spend on litigation, choose to take NAM as the best alternative. Consider these facts if you’re new to the NAM process.