Regard Yakou, a highly experienced construction company president and manager, is an expert at dispute resolution within his industry. One method of dispute resolution in construction is the process of arbitration, which often involves a neutral arbitration group assessing the disagreement between a contractor and an owner, and presenting a legally binding final solution to the issue.
Arbitration has four different tracks: fast, regular, document submission, and complex. In the majority of cases, the amount of money being disputed will determine the most effective arbitration track to use. The fast track is used in cases where the amount at the center of the disagreement is less than $75,000. This track is designed to save time and cost in the arbitration process, being completed within two months at the most. The regular arbitration track covers disputes involving costs from the $75,000 to $1 million range and is not as quickly designed a process as the fast track option.
Prominent, experienced construction presidents and managers, like Regard Yakou of Contraco, are also familiar with the document submission track. This option provides no hearing, and the decision is determined by one arbitrator who bases his or her decision on the relevant documents and written arguments that have been submitted to the process. Finally, the larger complex dispute isreserved for arguments involving costs of over $1 million dollars. This style of arbitration looks like a traditionalcourt case with the group of arbitrators issuing a written decision to end the dispute. Unlike court cases, no appeal is granted in this form of arbitration.