If you have signed a contract already containing an arbitration clause, you should read and follow the requirements in the contract. Even though there may be an arbitration clause, this does not prevent both parties from utilizing mediation to settle their disagreement prior to arbitration. In mediation, both parties have control of the outcome whereas in arbitration an arbitrator makes a binding decision. Like litigation, arbitration may negatively impact an existing relationship.
Starting the Arbitration Process | Select Arbitration. Arbitration is a non-voluntary alternative dispute resolution process. Unlike mediation, a knowledgeable, independent, and impartial third party is empowered to make a decision. The arbitrator hears the disagreement between one or more parties and after considering all relevant information renders a final decision in favor of one of the parties. Arbitration decisions may be either binding or non-binding,depending on the terms of the arbitration agreement. Binding arbitration decisions may be confirmed by a court and carry the same significance as a court judgment.
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