What In-House Counsel Need To Know About Their Form Arbitration Clauses
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Most arbitrations, and all commercial arbitrations, are creations of contract, and courts are generally required to enforce an arbitration agreement as they would any other contract. Therefore, the terms of the arbitration clause in your commercial contract are critical. Careful review of that clause surely must be a component of your enterprise’s risk analysis. Here are 10 basic considerations that will help to guide that review.
1. How Will The Arbitration Be Managed?
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2. How Many Arbitrators Do You Want?
3. How Will Your Arbitrator(s) Be Selected?
4. Should You Specify The Arbitrators’ Qualifications?
5. Should All Arbitrators Be Deemed Neutral?
6. How Much Discovery And Motion Practice Do You Want?
7. How Should You Define The Scope Of The Arbitrator’s Authority?
8. Do You Want To Limit Testimony Or Length Of Hearings?
9. Do You Want To Provide For The Award Of Costs and/or Fees To The Prevailing Party?
10. Do You Want To Require Mediation, And If So When?
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