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.
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