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March 9th, 2009 by Geff Gismondi | No Comments | Filed in Corporate & Business LawIt is becoming very common for contracts to contain a clause stating that “Any and all disputes arising under this contract will be settled by arbitration.” Arbitration is simply an agreement between parties that their disputes will be settled through arbitration rather than in court. Arbitration is favored by federal and state courts as a form of “Alternative Dispute Resolution” (ADR) and is one of the fastest growing means of settling disputes. The dispute is submitted to a private, non-judicial person who often has practical knowledge of the matter in dispute.
Arbitration has many similarities to a court case, but there are also some significant differences. Read on…
Tags: ADR, alternative dispute resolution, arbitration, dispute
