Agree With Arbitration In Maryland
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Some potential consequences may include: Breach of Contract: If arbitration is a contractual requirement and one party refuses to participate, they may be in breach of the contract. The non-complying party may be held liable for damages resulting from the breach.
If one party feels the decision is erroneous, there is very limited opportunity to correct it. There are many cases in which arbitration can become more expensive than court proceedings. Quality arbitrators can demand substantial fees that would not apply in court.
If you value the ability to sue and have your case heard in court, opting out may be the right choice. However, if you prefer a potentially quicker and less costly resolution process, staying in the arbitration program might be more beneficial.
Arbitration Clause Is Enforceable Even If It Does Not Comply Please note that even if an arbitration clause does not comply with the MHIC requirements, it nonetheless is enforceable between the parties.
Arbitration might be the right choice for some cases. Limited discovery rights and costs might be useful when less is at stake. Arbitration might feel less adversarial, which could be an advantage where ongoing relationships are hoped to be preserved. Arbitration lends some confidentiality.
If neither party appeals the decision, it will be binding, like an order by a judge. However, a party unhappy with the arbitrator's decision can request a new trial before a judge.
Some contracts give you the right to opt out of the forced arbitration clause within a certain period of time, often 30 to 60 days, after signing the agreement by notifying the company that you wish to opt out. Check your contract for the deadline and for specific instructions for opting out.
The arbitrator's final decision on the case is called the “award.” This is like a judge's or jury's decision in a court case. Once the arbitrator decides that all of the parties' evidence and arguments have been presented, the arbitrator will close the hearings. This means no more evidence or arguments will be allowed.
