Here are some of the key points contained in the video:
⬤ Arbitration: do you prefer arbitration or a formal court case if there is a dispute?
⬤ The intent of an arbitration provision in a contract is to avoid a formal court case.
⬤ Arbitration provisions are, in general, enforceable and typically will be binding in the same way that a civil court judgment can be enforced.
⬤ There are ways to appeal an arbitration decision but they are limited.
⬤ Arbitration is usually less expensive than a formal court case.
⬤ You should talk to an attorney for advice when considering including an arbitration provision to your business contract.
If you need legal services in North Carolina, South Carolina, Georgia, Florida, Ohio, or Tennessee we invite you to fill out our confidential client form for possible legal assistance.