Consider the Benefits of Arbitration
In Drafting Your Next
Commercial, Consumer or
Employment Agreement
By Tara LaClair
In today’s competitive and
cost-sensitive environment,
having the right policies and
procedures in place has become
more important than ever. This
is particularly true with respect
to commercial disputes, where
litigation costs can quickly
escalate and make pursuit
of a satisfactory resolution
impossible. The good news is
there are alternatives to the
often long and expensive court
system, such as arbitration.
The bad news is if you are not
currently including arbitration
provisions in your contracts,
you may not be able to take
advantage of this process.
What is arbitration?
It is a streamlined dispute
resolution process designed to
be an alternative to the court
system. It is private and it is
contractual. Most disputes can
be submitted to arbitration
simply by agreement of the
parties. It is most common for
parties to agree to arbitrate
before the need arises but it
can also be agreed upon after
a dispute occurs. The part