Expand Your Practice: Arbitration Do’s and Don'ts
Arbitration presents a growing area of opportunity for valuation professionals who can serve as arbitrators, testifying expert witnesses, or consultants. Each of these three roles, and their associated responsibilities, is discussed with a focus on the function of the arbitrator. You’ll get a thorough introduction to arbitration and explore the various ways you can provide services competently and ethically in this growing area of practice.
Know what arbitration is and how it fits into the dispute resolution process. Identify which role you are filling in an arbitration. Understand the responsibilities of an expert witness in arbitration. Understand the responsibilities of the consulting expert in arbitration. Know what disclosures should be made before being retained and during the arbitration. Recognize appropriate and inappropriate (ex parte) communication. Know how to start the arbitration process and how to conduct hearings. Know how to decide what evidence is admissible. Know how to prepare the final award. Recognize the reasons for having an award vacated. Understand why appraisers make good arbitrators. Understand the liability risks of being an arbitrator.
