Business law #1

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Civil litigation and arbitration (one of the forms of alternative dispute resolution) are similar in the approach that they use to resolve legal disputes. In both proceedings, each party to the dispute presents its evidence to an independent third party that decides how the dispute will be resolved. Arbitration is less formal than civil litigation and is often less time-consuming and less expensive than civil litigation, but civil litigation often results in larger damage awards than arbitration.

If you had a substantial damage claim against a large corporation, would you give up the prospect of a large damage recovery through civil litigation for a quicker and cheaper but smaller recovery through arbitration? Provide your rationale.

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