Arbitration Agreement (post-dispute)
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This kit is designed to help you draft a post-dispute arbitration agreement, affirming the decision of both parties to a dispute to have it resolved by a neutral arbitrator.
In recent years, the expense and delay of pursuing a lawsuit in court have pushed many to opt for binding arbitration. Under a binding arbitration, a dispute is removed from the court system, and reviewed by a neutral and independent arbitrator. Arbitration provides a cheaper, faster alternative to the court system.
There are generally two kinds of arbitration agreements; pre-dispute and post-dispute. Pre-dispute arbitration agreements set forth an understanding that any dispute arising from a particular transaction or relationship shall be heard before an arbitrator. The specific dispute in this context is generally hypothetical. In post-dispute arbitration agreements, the dispute has already occurred, and the parties to it agree specifically to remove that dispute from the court system and bring it before a neutral arbitrator.
Among others, this form includes the following provisions:
• Arbitration
• Arbitrator
• Waiver of Claims
• Costs
• Further Actions
• Hearings
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