Arbitration is an alternative means of settling a dispute by impartial persons without proceeding to a court trial. It is sometimes preferred as a means of settling a matter in order to avoid the expense, delay, and acrimony of litigation. There is no discovery and there are simplified rules of evidence in arbitration. The arbitrator or arbitrators are selected directly by the parties or are chosen in accordance with the terms of a contract in which the parties have agreed to use a court-ordered arbitrator or an arbitrator from the American Arbitration Association. If there is no contract, usually each party chooses an arbitrator and the two arbitrators select a third to comprise the panel. When parties submit to arbitration, they agree to be bound by and comply with the arbitrators' decision. The arbitrators' decision is given after an informal proceeding where each side presents evidence and witnesses. Arbitration hearings usually last only a few hours and the opinions are not public record. Arbitration has long been used in labor, construction, and securities regulation, but is now gaining popularity in other business disputes.
Agreement With Arbitration Clause
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How to fill out Agreement To Submit To Arbitration - General?
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The place of the arbitration shall be city, state, and state law shall apply. We further agree that we will faithfully observe this agreement and the rules, that we will abide by and perform any award rendered by the arbitrator(s), and that a judgment of any court having jurisdiction may be entered on the award.
The obvious advantage of including an arbitration clause in your contract before the dispute arises is that once the dispute does arise, you can force the dispute out of the court system, and you can force the other side to arbitrate.
The parties may also wish to stipulate in the arbitration clause:the law governing the contract;the number of arbitrators;the place of arbitration; and/or.the language of the arbitration.
An arbitration clause is a clause in a contract that requires the parties to resolve their disputes through an arbitration process.
The obvious advantage of including an arbitration clause in your contract before the dispute arises is that once the dispute does arise, you can force the dispute out of the court system, and you can force the other side to arbitrate.