How to Bind Arbitration Agreements
- 1). Draft a binding arbitration agreement. The agreement does not need to be complex or wordy. There are some specific provisions that must be included.
- 2). Identify the names of the parties to the agreement.
- 3). Note that the parties agree that any dispute arising out of a contract between them or other relationship shall be submitted to arbitration.
- 4). Name the arbitrator to be used by the parties. Do not leave anything to chance in entering into an arbitration agreement.
- 5). State specifically in the agreement that the parties are bound by the decision of the arbitrator and no other remedy--judicial or otherwise--is available.
- 6). Execute the agreement. Both parties must sign the binding arbitration contract. As an added layer of protection, the signing of the parties is done in front of a notary public.
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