Fair Play
Many individuals and businesses choose alternative dispute resolution (ADR) of their free will. They agree to follow the final decisions of the Arbitrator, who strives to conduct the entire procedure impartially and neutrally. Although the decision is not legally binding, neither party can go to court later even if they do not agree with the Arbitrator’s reasoning and sense of fair play.
A Favored Option
The lengthy process, expense, and publicity often associated with traditional litigation increasingly prompt players in the commercial sector to use an Arbitrator to settle their disputes ideally within six months. That they get to choose an Arbitrator based on a particular skill or expertise is another reason why arbitration is becoming a favored option.
Areas of Expertise
Arbitrators may specialize in one or more of the following areas. Family matters include child maintenance, property, or finance, while employment disagreement involves unfair dismissal or claims under flexible working legislation. You may also focus on financial or contractual commercial disputes, international or cross-border commercial disputes, and maritime or shipping disputes. Sports disputes, such as appeals against disciplinary sanctions or player eligibility and life science issues in research and development agreements, may also form the reason why arbitration becomes necessary.
Keeping Pace with Changing Needs
Professional organizations are revising their rules to keep pace with the perceived needs and wishes of the users of arbitration. A fast-track mechanism for disputes under a particular value, provision for early determination/summary disposal, and changes in the way parties provide legal submission and evidence are all examples of such revisions.
Potential Pros & Cons of Freelancing vs. Full-Time Employment
Freelancing offers Arbitrators freedom regarding flexible schedules, working hours, and location. They have full ownership of the business and can afford selectivity in terms of the variety of projects and clients presented.
While it has unlimited earning potential, freelancing comes with less stability and security, with inconsistent work and cash flow. There is more responsibility, effort, and risk involved. There are no paid holidays, and sick/maternity/paternity leaves are almost unaffordable. There is the added pressure of a self-employment tax and no eligibility for unemployment benefits.
On the other hand, a full-time arbitration has access to company-sponsored health benefits, insurance, and retirement plans. They have job security with a fixed, reliable source of income and guidance from their bosses. Despite that, they are susceptible to potential boredom and inability to pursue passion projects due to their lack of time or effort. With a lack of flexibility, ownership, and variety, there is also a need to budget extra money for commuting and attire costs.
When deciding between freelancing or being a full-time employee, consider the pros and cons to see what works best for you.