What is typically involved in the arbitration process?

The arbitration process typically involves the two parties selecting their own appraisers, who serve as representatives to present evidence and arguments regarding the dispute. After each party has selected their appraiser, an umpire is appointed to review the findings and make a final decision, which both parties are generally bound to accept. This method allows for a more specialized and streamlined approach to resolving disputes, as the appraisers usually have expertise in the relevant field.

The chosen appraisers present their evaluations and work together with the umpire to come to a resolution, facilitating a more efficient process than traditional litigation. This collaborative aspect of the arbitration process often makes it a favored choice for resolving insurance claims and disputes, as it can be less formal, quicker, and more cost-effective than going to court.

Other options described do not accurately capture the standard process for arbitration. For example, having one lawyer represent both parties does not reflect how arbitration is structured, as each party typically has independent representation. Additionally, submission of the case to an undisputed expert implies a lack of adversarial element that is present in arbitration. Furthermore, a jury deciding based on testimony is characteristic of a courtroom trial, not arbitration.