International arbitration has made resolving cross border disputes quite simple and convenient. However, when it comes to arbitration’s costs, there are several myths surrounding it, which put people off for choosing it. Here are some of the myths and facts related to arbitration’s costs.
- It is more expensive – Many people believe that this dispute resolution method is quite expensive and it goes way out of their budget. However, it is not true. It can be fairly cost effective if you choose right arbitrators to resolve your dispute with another company. Arbitrators can provide you services within your budget and help you manage the costs. Compared to the court proceedings, arbitration can be much less expensive.
- Higher rates mean better results – Many believe that higher rates mean better results in this dispute settlement method. However, it is just a misconception. There are many arbitrators in the industry, and you can choose a professional, who can provide services in your budget. When you can find services in less price, then why pay more.
- You can’t really know the exact amount – It is a myth that you can never really know the exact amount you have to pay for arbitration, before you choose the procedure. On the other hand, you can easily get the estimated expense for the procedure through an arbitration cost calculator. This calculator will provide you the exact amount and you can set your budget accordingly.
These facts show that a business owner can easily choose arbitration without worrying about the expense going out of their pocket. So, choose international arbitration today and resolve your disputes out of the court.