Arbitration is an alternative way to resolve disputes. At least two parties are involved with a dispute between them. They choose to forgo court and take their dispute to an arbitrator. The arbitrator listens to both sides and then makes a decision of which party should prevail and whether there should be a monetary penalty. The following steps will help you establish an arbitration business of your own.
Instructions
1. Get experience in the field in which you wish to arbitrate. Popular areas that turn to arbitration are banking, construction work, work place disputes and medical malpractice. Arbitration can happen in any industry, but the arbitrator needs to understand the ins and outs of the particular industry or field.
2. Take classes on arbitrate. There are college degrees on the subject and courses through continuing legal education organizations about arbitration. Sit in on arbitrations through contacting local arbitrators in your area. Get some education on how the process evolves and resolves disputes.
3. Put up your shingle. This is usually a term reserved for attorneys beginning their own practice, but arbitration is a form of resolving disputes which attorneys are often given the task. Lease office space, print business cards, network with people in the field you wish to arbitrate, and find some good references.
4. Attract clients. Give dispute resolution seminars for local business' owners. Give seminars to HR managers. Give seminars through HR departments to employees on resolve disputes. Explain the cost benefits of choosing arbitration over long drawn out court battles. Explain the permanency or binding nature of the "verdict."
5. Arbitrate your first case. Have the court put the outcome in as to make it a binding judgment. Prepare for your next case.
