Arbitration Agreements are an alternative means, besides using the court system, of settling any disputes arising from a contract between two parties. A number of things about this type of resolution process make it different from settling a matter in court:
In order for an arbitration agreement to provide a quicker and less costly recourse than litigation in a courtroom, the parties to the contract will want to lay out a set of procedures for arbitration within the agreement, which should include the following:
Crafting an enforceable and effective arbitration agreement that looks out for your interests can be a complex process. You may want to consult an attorney who has experience with contract drafting and review. Your attorney will see that your interests are represented in the agreement, and also make sure it has all the legal formalities to make it a legally-binding agreement.
Last Modified: 05-03-2016 02:33 AM PDTLaw Library Disclaimer
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