Attorney Jason McGrath explains some things to consider when when considering the arbitration clause in a contract in this short video.
Here are some of the key points contained in the video:
- How many arbitrators would you prefer?
- Are you comfortable with the decision being in the hands of just one person? Keep in mind that trial level legal cases in the regular judicial system are handled by one judge.
- Keep in mind that the more arbitrators involved, the more expensive arbitration will be.
- Does the arbitration clause in the contract address how many arbitrators there are going to be?
The arbitration provision in a contract doesn’t have to address the issue of how many arbitrators. You can leave the option open if you prefer. You want to be mindful of this when crafting your contract and the arbitration provision.
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