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Is Arbitration binding?
Yes, except in cases in which the parties agree to non-binding arbitration, also known as advisory arbitration.? The arbitrator's decision is called an award and the award is enforceable in a court of law.
Arbitration Agreement
What is arbitration?
Arbitration is a private legal procedure used to resolve disputes between two or more parties.? The parties submit their dispute to an impartial third party for resolution.? Arbitration is an alternative to court-based litigation.
Why use arbitration?
- Arbitration is generally quicker and less expensive than court-based litigation.
- Arbitration has simpler rules and the parties can agree to additional provisions.
- The parties have more control over when, where and how to resolve the dispute.
Is Arbitration binding?
Yes, except in cases in which the parties agree to non-binding arbitration, also known as advisory arbitration.? The arbitrator's decision is called an award and the award is enforceable in a court of law.
Please be aware that these sample letters and forms may have legal and financial implications. Please consult with your own legal advisor if you have any questions or concerns regarding the use of any of these letters and forms.