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Arbitration Agreements- What You Should Know Before You Sign

Many standard business contracts include a dispute resolution section stating that the parties agree to arbitrate any disputes under the contract.

These seem appealing on their face- and an arbitration provision may be the right answer for your business, but there are a few things you should know.

• Arbitration is not mediation- it is in fact a form of a trial, in which an arbitrator (usually an attorney or retired judge paid to serve as arbitrator) makes a final and binding decision about your dispute.
• Unlike a trial in court, there are extremely limited grounds for seeking appellate review of an arbitration award.  
• The arbitrator is essentially a private judge, who the parties have to pay for their time managing the case, reviewing evidence, and conducting the hearing.  This may make arbitration more expensive than you think.

Learn more here about arbitration agreements.

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