Arbitration Agreement For Dummies In Wake
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If the arbitration is mandatory and binding, the parties waive their rights to use the court system and have a judge or jury decide the case. If the arbitrator's award is unfair or illogical, a consumer may well be stuck with it without a chance for recourse.
In arbitration, you don't have to have a lawyer represent you (unless state law requires it), but it's important to know that arbitration is a final and binding process that can affect your rights. So, if you are considering representing yourself, it's a good idea to talk to a lawyer.
Always get straight to the merits without berating the other side or whining about how badly it has treated you. Another threat to your credibility is the “kitchen sink” arbitration demand or a response that includes numerous claims or defenses that have little chance of succeeding.
The only disputes which may not be determined by way of arbitration proceedings are matters in respect of any matrimonial cause (or incidental thereto) and matters relating to status, for example sequestration or liquidation proceedings.
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.
Top 10 tips for drafting arbitration agreements Introduction. Scope of the arbitration agreement. Seat of the arbitration. Governing law of the arbitration agreement. Choice of rules. Language. Number and appointment of arbitrators. Specifying arbitrator characteristics.
Arguments should flow easily from the relevant facts and applicable law. Avoid exaggerating the strengths of your case as well as disparaging the opposing side. Remember that professionalism and credibility are critical to persuasiveness.
Arbitration agreement. Previous Next. (1) In this Part, "arbitration agreement" means an agreement by the parties to submit to arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship, whether contractual or not.
Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.