New York Arbitration
As a prominent and experienced arbitrator in New York, Stephen S. Strick specializes in a variety of Alternative Dispute Resolution options.
Arbitration has increased its popularity over the years as a cost effective method to resolve disputes between parties in lieu of litigation. Arbitration differs from litigation significant ways. Unless the parties agree otherwise, in general arbitration involves more limited discovery and simplified rules of evidence. The parties may take advantage of appellate procedures now offered by most providers, or may agree to terms and conditions relating to appeals of ad hoc proceedings.
Stephen is a member of the AAA, ICDR, CIArb and the Independent Film and Television Alliance Arbitration. and Chartered Institute. Mr. Strick has served in over two hundred and fifty Domestic and international arbitrations in his thirty years of experience as an Alternative Dispute Resolution specialist.
Some facts and history about Arbitration in New York:
- In 1958, the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards was drafted to aid in the enforcement in domestic courts of awards granted in foreign countries. As of August 2007, there were 142 countriesparticipating in the convention. In 1970, the United States joined the UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards.
- New York Courts Recognize the authority of the arbitrators
- New York is not based on the UNCITRAL Model Law
- Federal Arbitration Act (FAA)1 has been broadly applied to international arbitrations in New York.
Benefits of Arbitration:
- Opinions are not public record
- Arbitration agreements and awards are now enforceable under both state and federal law.
- Shorter time frame compared to court trials
- Arbitration is generally less expensive than court trials
- Arbitration is generally binding and final.
- Arbitration is a streamlined process to settle disputes and as such does not entail comprehensive discovery. The goal is efficient and economical resolutions to disputes.
- In some Arbitration proceedings, High/Low parameters are negotiated prior to the hearing for a specific range of the award. The parties must agree to the maximum and minimum, which are written into the Arbitration contract. These High/Lows are not disclosed to the Arbitrator. If the Arbitrator’s decision is within the set parameters, the award stands. If the decision exceeds the High parameter, the High dollar parameter is awarded. Conversely, if the decision falls below the Low parameter, the Low dollar parameter is awarded. This allows for a guaranteed resolution of a dispute and minimizes the risks.