The injuries and property damage incurred as a result of a motorcycle accident can be extensive. So naturally, some people assume that the only way to resolve these cases is through a court process. However, there is another legal route for settling a motorcycle accident claim, and it's known as arbitration. If you've been involved in an accident, discover more to see if this option is right for you.
The most important thing to understand is that arbitration is a legal process, and in some respects, the process is very reminiscent of a traditional trial. However, it does not involve many of the same players as a trial, including a judge or jury. Arbitration also involves a sometimes-lengthy hearing process, in which each party involved in the case has the right to present their argument. In the case of a motorcycle accident, the victim and their attorney and the other party's insurance representation would be involved in the process.
Factors That Must Be Present
Arbitration is only an option in certain instances. Here are some of the factors that must be present for you to proceed with this option.
Arbitration can only move forward if there is an agreement amongst all parties involved. For example, if the victim wants to handle the matter through arbitration but the insurance company does not, then the process cannot move forward. Even if the insurance company is pressuring you, if you do not want to handle your case through arbitration, you are not required to.
For this process to move forward, all parties involved must determine who is responsible for the fees involving the arbitration, including attorney fees. In some instances, the victim will have to pay for the cost of the arbitration from their claim compensation, and in other instances, the insurance company must cover these costs. An attorney can help the victim ensure they are not responsible or these fees.
Binding vs. Non-Binding
Both parties must also agree beforehand how the findings of the arbitration process will be administered, such as binding or non-binding. With a binding agreement, both parties agree that whatever the outcome of the arbitration is, it will be considered the final decision on the claim. Non-binding arbitrations allow the victim to deny the initial decision and exhaust other legal actions for settling the claim, such as a trial.
Speak with a motorcycle accident lawyer if you've been involved in a motorcycle accident to learn how you should handle your case.