Arbitration And Mediation Which Is The More Cost-Effective Option In Construction Law?
Construction is a dangerous and complex field. Without its extensive list of rules many more businesses would fail before they even start.
“Do I need a lawyer?” is a question you’ve likely asked yourself a few times in this field, for one reason or another. It could be the function of navigating an appeals court for the first time. It could be a series of work-related injuries sustained by your employees. Even if you’ve been fortunate enough to circumvent many of these common issues, reaching out to a lawyer is a smart way to usher in 2019. Construction law is always changing and it helps to have a shoulder to lean on when all the caveats and fine print are threatening to slip away from you.
Here’s a quick rundown of the past few years of construction law.
The Construction Market Is Getting More Pricey
The American construction market has a lot to look forward to. According to recent statistics in 2016 it’s worth a pretty $1,100 billion, only getting higher with the growth of small businesses. Figuring out your particular niche, be it commercial real estate or a labor law firm, means talking to a lawyer with years of experience in the matter. They’ll ensure you avoid expensive pitfalls, even if it means just resolving problems the smart way. For many that means choosing arbitration.
Arbitration Is The Preferred Method Of Conflict Resolution
Anything can happen in the field of construction. Adhering closely to construction law is best done with a helping hand. According to data provided by the American Arbitration Association, alternative dispute resolution (or ADR) remains the preferred method of approaching conflict management. The median time frame from filing to award, for starters, is often less than eight months. This may sound like a long time in general terms, but is nearly a breeze when it comes to law.
You Can Spend Less Money With More Results Using Arbitration
Not only is arbitration generally quicker, it’s often cheaper. Employment lawyers recommend it as a win-win for all parties involved, getting you back on track in a relative blink of the eye. According to a study by the American Arbitration Association, the largest case resolved by a single arbitrator was for a claim of $230 million. The smallest case, resolved by a panel of three, was for under $24,000. Employment law is complex, but nothing an experienced arbitrator can’t handle.
Insurance Coverage Is An Essential Safeguard
Prepare for labor law with the aid of coverage. As stated above, and as you already know, anything can happen. Builders risk coverage is written for a minimum one-year term to cover a new building or structure under construction. It also applies to an existing structure undergoing any additions, alterations, or repairs. Back in 2005 reviews of civil cases filed in state courts saw plaintiffs winning bench trials nearly 70% of the time.
Let A Construction Attorney Keep You On The Right Path
There’s no better option during a rough time than to go about hiring a lawyer. Back in 2015 the American Arbitration Association administered over 550 construction industry cases with claims of $500,000 or more. The largest mediated case hit over $2 billion, while the largest arbitration case was less than $100 million. Time and time again arbitration remains the most time-effective and cost-effective means of seeing a proper resolution. Before a bad day lands on your doorstep and costs you thousands, see what a lawyer can do to help you sort construction law out.
You’ll be glad you took the time to do so.
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