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Under most arbitration rules, an Answer or Response to a Request for Arbitration must include the respondent's name and contact details, the name and contact details of its representative, its preliminary comments on the dispute, its response to the relief sought by the claimant, its observations and proposals
Arbitration is often resolved much more quickly than court proceedings, so attorney fees are reduced. Also, there are lower costs in preparing for the arbitration than there are in preparing for a jury trial. For binding arbitration, there are limited opportunities for appeal.
The advantages include the following: The arbitration process is less costly and generally faster than going through the courts. Unlike in a court case, where the contested issue is heard before a judge, in an arbitration you often have a say over who will be the arbitrator.
Because arbitration prevents your claims taken seriously, there's no upside to remaining in a mandatory arbitration agreement. Even if you opt out, you can still choose arbitration to settle a dispute, so there's no downside to opting out.
At a minimum, well-drafted arbitration dispute resolution clauses should: contain a clear intent to arbitrate; state that the parties “shall” arbitrate, not “may” arbitrate. identify the kind of disputes that are subject to arbitration, i.e., “any and all disputes arising out of this Agreement.”
If arbitration is non-binding, you are free to either accept or reject the decision of the arbitrator. In binding arbitration, you are legally bound to the decision the arbitrator makes, even if you don't like it.
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