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What's an arbitration agreement?
If a business dispute occurs, the time and money it takes to go to court can sometimes make a tough situation even more unpleasant. One way to simplify matters is through arbitration. In an arbitration agreement, sometimes called a submission agreement, both parties agree to abide by a decision made by an appointed arbitrator. This often resolves the dispute in a more timely and less costly manner than a trial.
Here's the info you'll need to have handy to complete your doc:
Who it's coming from
Determine if a business or individual is sending the doc and have the name and contact info ready.
Who it's going to
Know who this doc is going to and have the individual or business name and contact info ready.
Conditions for the arbitration
Decide how the two parties will select their arbitrator, which governing body's rules will be followed, as well as conditions for a period of discovery and/or preliminary relief.
Know which city and state’s laws will apply.
Be ready to define deadlines for the start of proceedings and/or the rendering of a decision, as well as the chance for parties to prepare a written statement.