Arbitration:
Arbitration is another way to settle a
dispute without going to court. In Arbitration a
neutral third party is appointed to review the case and
render a final decision. The arbitrator's decision is
legally binding and can only be appealed under strict
circumstances.
Participants in arbitration can withdraw only before a final
decision is made and only if no arbitration clause has been
signed in a previous agreement.
Businesses use Arbitration Clauses in contract Agreements
that require anyone doing business with them to use
arbitration as the preferred method of resolving disputes
they have with the business.
Arbitration is faster than a formal court proceeding.
It is also cheaper and more flexible to businesses.
Arbitration agreements can be made confidential.
Both parties pay the
cost for arbitration.
If the losing party to a dispute choses not to comply with a
arbitation judgment the winning party can get enforcement by
seeking judicial remedies called an action to "confirm" an
award.
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