This form provides boilerplate contract clauses that outline requirements for attempting nonbinding dispute resolution or mediation prior to resorting to binding arbitration or litigation under the contract agreement.
Puerto Rico Nonbinding Dispute Resolution Provisions
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FAQ
Arbitration is less formal than a trial, and the rules of evidence are often relaxed. Arbitration may be either "binding" or "nonbinding." Binding arbitration means that the parties waive their right to a trial and agree to accept the arbitrator's decision as final.
The mediator may provide information and raise issues. The mediator has no vested interest in the outcome of the mediation. Therefore, the mediator must encourage the parties to develop their own solution to the conflict.
Arbitration is less formal than a trial, and the rules of evidence are often relaxed. Arbitration may be either "binding" or "nonbinding." Binding arbitration means that the parties waive their right to a trial and agree to accept the arbitrator's decision as final.
In arbitration, the third party (an arbitrator or several arbitrators) will play an important role as it will render an arbitration award that will be binding on the parties. In comparison, in conciliation and mediation, the third party does not impose any binding decision.
Arbitration can be binding if the parties so agree in writing. If there is no such agreement, either party can reject the Arbitration award and request a trial. Mediation is a voluntary, informal, and confidential process in which the Mediator - a neutral third party - facilitates settlement negotiations.
Arbitration In arbitration, a neutral third party serves as a judge who is responsible for resolving the dispute. The arbitrator listens as each side argues its case and presents relevant evidence, then renders a binding decision.
Mediation does not impose a solution and it is not binding until the parties reach and sign a settlement agreement. If a settlement cannot be reached, the parties are welcome to continue with the arbitration process. Unlike an arbitrator, a mediator has no power to decide a dispute.
The main distinction between the two is who makes the final decision. With mediation, the final decision is a reached agreement between the two conflicting parties, while arbitration calls on an arbitrator to analyze the case details and reach a verdict.
