5 Benefits of Arbitration For Construction Disputes

A construction project without a dispute is nearly inconceivable. 

Indeed, a full 98% of construction projects result in cost overruns or delays, according to McKinsey. Likewise, design, engineering and management consultant Arcadis found that 70% of construction projects end up with claims. 

In the post pandemic world, construction projects end up in litigation with greater frequency than ever before- and at higher dollar values. Indeed, the  construction industry had the third-highest count and costof legal filings among all U.S. business sectors, according to a recent report from business credit scoring agency Creditsafe.

All litigation is costly and time consuming. But construction cases often take longer and are more expensive to litigate than other commercial cases due to building’s fact-sensitive nature and the sheer volume of documents involved. As an alternative,  arbitration offers both time and cost savings Benefits include:

To read the rest of this story from our sister publication, Construction Dive, click here.