Let’s say you have auto insurance. If you get into an accident, you file a claim with your insurance company to get money to cover the costs. But you disagree about how much money you should get for your claim. This is where arbitration comes in:
When thinking about using arbitration, you should consider these two important factors: time and money.
|Benefits of arbitration||Drawbacks of arbitration|
Arbitration is usually quicker than going to court, and it’s way cheaper than paying for lawyers. But if you’re dealing with a really big claim, like millions of dollars, arbitration might not be the best option.
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