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In contract law, an arbitration clause is a clause in a contract that requires the parties to resolve their disputes through an arbitration process. Although such a clause may or may not specify that arbitration occur within a specific jurisdiction, it always binds the parties to a type of resolution outside the courts, and is therefore considered a kind of forum selection clause.
In contract law, a forum selection clause (sometimes called a dispute resolution clause, choice of court clause, governing law clause, jurisdiction clause or an arbitration clause, depending on its form) in a contract with a conflict of laws element allows the parties to agree that any disputes relating to that contract will be resolved in a specific forum.
Arbitration is particularly popular as a means of dispute resolution in the commercial sphere (for a summary of the various arenas in which arbitration is usually chosen, see the specific article on "arbitration"). One of the reasons for doing so is that, in international trade, it is often easier to enforce an arbitration award in a foreign ...
International arbitration is an alternative to local court procedures. International arbitration has different rules than domestic arbitration, [6] and has its own non-country-specific standards of ethical conduct. [7] The process may be more limited than typical litigation and forms a hybrid between the common law and civil law legal systems. [8]
If the contract (valid or otherwise) contains an arbitration clause, then the proper forum to determine whether the contract is void or not, is the arbitration tribunal. [ 24 ] This protects the tribunal's ability to arbitrate beyond termination of the contract. [ 6 ]
A "naked" class action waiver is a version of the waiver where the contract in which the waiver is found is not attached to an arbitration agreement. Class action waivers are only protected from state legislatures' actions through the Federal Arbitration Act, if they are bundled with an agreement to send disputes to arbitration.
The Yankees' star trade acquisition reached a pre-arbitration agreement on a one-year, $31 million contract Thursday, per ESPN's Jeff Passan. The total breaks the record for the most ever earned ...
In the United States, there is an ongoing debate over the use of arbitration clauses in consumer contracts. Differences between arbitration and litigation include the costs of resolving a case, the speed of resolution, and the procedure of resolving a case, including how and where the arbitration is conducted and the availability of discovery.
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