This form brings together several boilerplate contract clauses that work together to outline the procedures for arbitration of any disputes and to establish the laws and legal jurisdiction that will govern such arbitration should it become necessary.
Delaware Arbitration — Long-Form Provision refers to a particular clause commonly found in contracts that allows parties involved to resolve disputes through arbitration, rather than pursuing legal action in a court of law. This provision outlines the details related to arbitration proceedings and is specifically designed to apply to contracts governed by Delaware law. Arbitration is a private and alternative method of dispute resolution, wherein parties select a neutral and independent arbitrator or panel of arbitrators to hear their case. The process is confidential, less formal than a courtroom proceeding, and generally considered faster and more cost-effective than litigation. The long-form provision in Delaware Arbitration outlines the essential elements of the process, including the scope of disputes subject to arbitration, the selection of arbitrators, procedural rules, and the location of arbitration. The provision also often incorporates the rules of a specific arbitration organization or may rely on ad hoc procedures. Parties typically choose Delaware for their long-form arbitration provision due to the state's established reputation for business-friendly laws and well-respected courts. While the specific terms may vary depending on the contract and the parties involved, here are three commonly known types of Delaware Arbitration — Long-Form Provisions: 1. Basic Delaware Arbitration Provision: This straightforward provision outlines the agreement to submit any disputes arising under the contract to arbitration conducted in accordance with the Delaware Uniform Arbitration Act. It includes the selection process for arbitrators, the location for arbitration, and the governing law. 2. Delaware Arbitration Provision with Arbitration Organization Rules: This provision utilizes the rules and procedures of a specific arbitration organization, such as the American Arbitration Association (AAA), the International Chamber of Commerce (ICC), or JAMS. It incorporates these rules into the long-form provision, addressing matters such as the appointment of arbitrators, the number of arbitrators, discovery process, and the method for rendering an arbitration award. 3. Delaware Arbitration Provision with Ad Hoc Procedures: This type of provision grants parties the flexibility to outline their own specific rules and procedures for arbitration. It allows them to tailor the process to suit their unique needs, such as selecting a specific list of arbitrators or defining the arbitration timeline. In conclusion, Delaware Arbitration — Long-Form Provision is a contractual clause that provides a framework for resolving disputes through arbitration while operating under Delaware law. The provision can take different forms and may incorporate organization rules or ad hoc procedures, depending on the parties' preferences and the specific contract terms.
