The truth is it depends. Mediation should be mandatory (starting with a meeting of principals). Arbitration is not always faster, or cheaper, and importantly comes with no right to appeal. Litigation is predictable and has appeal rights. Listen to Alex and see what makes the most sense for you.
Alexander Barthet is a board certified construction attorney in Florida and holds a B.S. in mechanical engineering. He manages The Barthet Firm, a ten lawyer construction law firm in Miami, and maintains a construction law blog at www.TheLienZone.com. He can be reached at 305-347-5295 or firstname.lastname@example.org