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An arbitration clause is a section in a contract that designates whether contract disputes must be settled through arbitration or in court. They are valuable tools for simplifying customer disputes and saving time and effort on legal matters.

In turn, the standard LCIA arbitration clause reads as follows: ?Any dispute arising out of or in connection with this contract, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration under the LCIA Rules, which Rules are deemed to be ...

"A dispute having arisen between the parties concerning [ ], the parties hereby agree that the dispute shall be referred to and finally resolved by arbitration under the LCIA Rules. The number of arbitrators shall be [one/three]. The seat, or legal place, of arbitration shall be [City and/or Country].

drafted clause will mitigate disputes risk Introduction. Scope of the arbitration agreement. Seat of the arbitration. Governing law of the arbitration agreement. Choice of rules. Language. Number and appointment of arbitrators. Specifying arbitrator characteristics.

An arbitration proceeding is a private process. In addition, AAA staff and AAA neutrals have an ethical obligation to keep information confidential. However, the AAA takes no position on whether parties should or should not agree to keep the proceeding and award confidential between themselves.

Generally speaking, contract arbitration clauses contain language similar to: ?The parties to this contract hereby agree to resolve legal disputes through arbitration methods rather than civil lawsuits?. An arbitration clause may be tailored exactly to the disputing parties needs.