Online arbitration is a form of online dispute resolution (ODR) that allows commercial disputes to be settled exclusively online swiftly and at a cheaper cost than traditional arbitration or court litigation.
Resolution of disputes involving certain debt is often overlooked and considered a non-starter or the collection cases are sold off for pennies on the dollar or abandoned because the litigation or arbitration cost does not justify the means.
Put simply, going through the traditional or existing legal systems cost more time and money than it is worth, especially for commercial claims that are valued under $500,000.
The result is that millions of dollars of uncollected debt are left on the proverbial table, and businesses are deprived of access to justice, impacting their bottom-line. With over $650bn spent every year in the United States on contract litigation and 7.2 million new cases filed annually, it is no surprise that the courts are bogged down. It is well accepted that resolving disputes in court is simply not worth the cost, time, and effort.
But online arbitration is changing that! Your business can save up to 70 percent in costs, with an 80 percent faster time to resolution than traditional arbitration if you file your online claim through Ejudicate.com.
A brief history of Online Dispute Resolution
Alternative Dispute Resolution came to the fore in the United States in the 1970s to alleviate pressure on the US civil courts.
ODR is the evolution of ADR to incorporate the technology that dominates our lives today. ODR launched in the late 1990s when the internet began to expand at a rapid rate.
Initially, online eCommerce sites such as eBay began to explode in growth, which in turn presented the problem of client-seller disputes.
At the time, there was no fast and fair way to resolve such issues and eCommerce executives quickly realized that this was undermining consumer trust.
ODR experts helped eCommerce sites create platforms that could identify client issues and quickly resolve them fairly, keeping online shoppers happy and keen to buy more products online.
Fast forward to today, and eBay resolves more than 60 million disputes online every year through online dispute resolution, more than the whole of the U.S. civil court system.
In a wider context, the U.S. legal system recognizes online dispute resolution as a binding solution to expedite proceedings and close the justice gap.
For lenders and other businesses that weren’t necessarily eCommerce focused, not until faster internet connections became possible in the last five years did effective ODR become available.
Today, ODR is moving to the forefront and companies like Ejudicate, with its patent-pending system and its user-friendly portal, make it easy to use, inexpensive and fast.
What are online arbitration platforms and how are they different to traditional litigation?
Online arbitration platforms are an alternative dispute resolution solution that couples the use of information and communications technology and alternative dispute resolution to deliver a binding decision on legal claims.
In essence, the parties upload their claims and evidence, respond to each other’s assertions, and have that evaluated and decided upon by an arbitrator or “E-Judge”.
eArbitration is different from traditional bricks and mortar claims because everything is settled on an online platform. You can think of it as being an online court that specializes in disputes arising from contract claims, financial transactions and debt.
Once the “E-Judge” decides on the case, an arbitrator’s award is issued, and the parties are encouraged to settle their dues. Once affirmed by the appropriate court, the final binding judgment can be enforced, sold, or otherwise monetized.
The six-step Ejudicate process
Ejudicate allows legal disputes to be settled efficiently and quickly without parties needing to be present or attend video proceedings.
The cost formula is simple. Ejudicate costs are determined upfront at the start of arbitration. The process to kick off the dispute resolution process is simple, and the platform is easy-to-use and intuitive.
- Plaintiffs file their claims online and upload their supporting evidence and documentation through our online arbitration portal.
- Ejudicate serves the claim to the defendant by email and certified postal mail, inviting them to submit their defense.
- Next, the plaintiff and Defendant (Litigants) can counter each other’s claim using the platform.
- After clearing any conflicts, an E-Judge (arbitrator) is assigned to the claim based on jurisdiction and subject matter expertise.
- The Judge then reviews the evidence and can message litigants through the platform with questions as needed.
- After evaluating all of the evidence, the E-Judge will issue an Award which can be filed with the court to be reduced to an enforceable judgment.
What are the benefits of using Ejudicate’s settlement strategy?
- The cost of proceedings can be slashed by up to 70 percent
- The time to reach a binding decision can be reduced by up to 80 percent
- You don’t have to waste time going to court
- Your business can claim money that is owed to it easily and efficiently.
What businesses can benefit from online arbitration?
Pretty much any business that is owed a debt which it wants to make a claim for can benefit from using Ejudicate’s online arbitration service.
Sectors that Ejudicate services include electronic commerce sites, quiet title, and other declaratory relief actions, credit card companies, Small Business Administration (SBA) loans, defaults on auto or student loans, and many more.
Our E-Judges are impartial and experts in their fields, so you can rest assured that if you file an online arbitration claim through Ejudicate, your case will be decided in a competent manner. Our screened network of online arbitrators spans all 50 states, and your case will be matched to an E-Judge based on jurisdiction and subject matter expertise.
Does your business have unclaimed debts?
Is your business owed money that is too expensive to make a claim for in court? You have come to the right place.
With Ejudicate, you can save up to 70 percent on your claim and see it brought to a resolution up to 80 percent faster than through the court system.