Submission to Arbitration of Matters Pertaining to Dissolution of Partnership

• Category: Partnerships
• State: Multi-State
• Control #: US-1340990BG
• Format: Word; Rich Text

Description

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.

Submission to Arbitration of Matters Pertaining to Dissolution of Partnership is a process where two or more parties submit their dispute or disagreement to an arbitrator(s) for resolution. This is an alternative dispute resolution process to litigation and is used when the partners cannot come to an agreement on their own. The arbitrator(s) will review the facts and evidence of the case and provide a binding decision that is legally enforceable. There are two types of Submission to Arbitration of Matters Pertaining to Dissolution of Partnership: voluntary and mandatory. Voluntary arbitration is initiated by one or both of the parties and is usually the more cost-effective approach. Mandatory arbitration is initiated by a court order or agreement between the parties, and is typically more expensive and time-consuming.