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For over a century, arbitration has been utilized to resolve disputes as an alternative to navigating the traditional court system. In recent years, arbitration has grown immensely as a dispute resolution tool, thanks to comprehensive legislation at the state and federal level and overburdened court systems that have exacerbated the need for viable alternatives to traditional litigation of claims that may arise in any context.
Arbitration is entirely a creature founded in contract law. Everything about it arises solely from the agreement of the parties. This means that, if negotiated, your company can design almost every aspect of this resolution procedure for any dispute arising out of contractual relationships. The only limits to customizing arbitration are: (1) creativity; and (2) public policy and legislation.
