Arbitration is an alternative means of settling a dispute by impartial persons without proceeding to a court trial. It is sometimes preferred as a means of settling a matter in order to avoid the expense, delay, and acrimony of litigation. There is no discovery and there are simplified rules of evidence in arbitration. The arbitrator or arbitrators are selected directly by the parties or are chosen in accordance with the terms of a contract in which the parties have agreed to use a court-ordered arbitrator or an arbitrator from the American Arbitration Association. If there is no contract, usually each party chooses an arbitrator and the two arbitrators select a third to comprise the panel. When parties submit to arbitration, they agree to be bound by and comply with the arbitrators' decision. The arbitrators' decision is given after an informal proceeding where each side presents evidence and witnesses. Arbitration hearings usually last only a few hours and the opinions are not public record. Arbitration has long been used in labor, construction, and securities regulation, but is now gaining popularity in other business disputes.
Arkansas Agreement to Submit to Arbitration — General: A Comprehensive Overview In the state of Arkansas, an Agreement to Submit to Arbitration is a legally binding document that establishes the resolution of disputes through arbitration rather than traditional court litigation. This type of agreement allows parties to settle their differences in a private and confidential setting, with the aim of expediting the resolution process while avoiding costly and time-consuming court proceedings. The Arkansas Agreement to Submit to Arbitration — General encompasses various key components, ensuring a fair and effective arbitration process. It typically includes: 1. Parties: This section identifies the parties involved in the agreement, including their legal names and contact information. It is crucial to accurately specify the individuals or entities bound by the arbitration clause. 2. Arbitration Clause: This is the fundamental provision of the agreement. It outlines the parties' express consent to submit any current or future disputes to arbitration. The clause usually includes broad and encompassing language applying to all disputes arising out of or relating to the subject of the agreement. 3. Selection of Arbitrator: The agreement may establish the method of selecting the arbitrator(s), whether through mutual agreement, appointment by a designated body, or utilizing the services of an arbitration institution. The process of selecting an arbitrator should be objective and impartial to ensure a fair outcome. 4. Arbitration Rules: The agreement may specify the arbitration rules governing the process. For instance, parties may refer to rules provided by reputable institutions such as the American Arbitration Association (AAA) or the International Chamber of Commerce (ICC). Clear guidelines regarding the conduct of the arbitration, procedural aspects, and the scope of discovery may be outlined in this section. 5. Venue and Applicable Law: Parties may agree on the location (venue) where the arbitration hearings will take place. Additionally, they might specify the governing law that shall be applied to the arbitration proceedings. These provisions contribute to establishing a favorable and neutral environment for arbitration. 6. Confidentiality: The agreement may include confidentiality provisions, emphasizing the private nature of the arbitration process. Confidentiality can serve to protect sensitive information and trade secrets, ensuring that the proceedings remain undisclosed to external parties. Different Types of Arkansas Agreement to Submit to Arbitration — General: While the main focus lies on the general Agreement to Submit to Arbitration, variations may exist depending on the specific subject or industry involved. Some examples of different types include: 1. Employment Agreement to Submit to Arbitration: This type of agreement is commonly used in employment contracts, where employers and employees agree to resolve any employment-related disputes through arbitration. 2. Commercial Agreement to Submit to Arbitration: These agreements are prevalent in commercial relationships, such as contracts between businesses. The parties agree to resolve disputes arising from their commercial agreement through arbitration. 3. Construction Agreement to Submit to Arbitration: In the construction industry, agreements to submit to arbitration are commonly included in contracts between contractors, subcontractors, and other stakeholders involved in construction projects. In conclusion, the Arkansas Agreement to Submit to Arbitration — General provides a comprehensive framework for parties to resolve disputes through arbitration in a fair, efficient, and confidential manner. Different types of these agreements exist, tailored to specific contexts such as employment, commercial, or construction disputes.
