Can you set out for me the relative pros and cons of arbitration and litigation vs. adjudication.
The primary benefit of Arbitration or Litigation over Adjudication is the opportunity to fully and properly examine the facts to come to what is more likely to be, legally at least, the “right” answer. However, that leads directly to the downside which is that such an investigation takes longer and costs more. That is somewhat balanced by costs being recoverable by the successful party in Litigation or Arbitration together with the certainty/finality of the decision made.
Essentially speed and commerciality (Adjudication and indeed Mediation) is traded off against accuracy and finality (Litigation and Arbitration).