Proper Arbitration Agreements

Well structured arbitration agreements are the ones that play a major role in minimizing complications in case of a dispute. Prior to finalizing any arbitration agreement, make sure you go through the terms thoroughly. Next, be sure to solve your queries (if any) and negotiate well prior to jumping to any sort of conclusions. This approach will help you maintain a safe distance from any kind of misunderstandings at a later stage. Last, but not least, you need to get proper legal help to draft and review the document(s) prior to finalizing the agreement. Some issues applicable to law regarding arbitration need to be addressed.

  • Place of Arbitration
  • Strength of Arbitrators
  • Language in which the Arbitration agreement is written
  • Discovery procedure
  • Restriction to arbitration powers
  • Provisional Remedies/ Interim measures
  • Privacy
  • Rules Applicable
  • Appeal and Enforcement
  • Be safe from local peculiarities

This form of agreement needs to be modified as per the different circumstances. Avoid completing the agreement without proper consultation and approval. A poor arbitration agreement may lead to double jeopardy i.e. litigation and arbitration arising from arbitration. Hence, be sure to take adequate care when it comes to drafting enforceable arbitration agreements.

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