New York Alternative Dispute Resolution: New York Arbitration Basics

Many New York small businesses are turning to arbitration to solve disputes for a variety of reasons. Arbitration is an out-of-court proceeding where parties contract to have a third party neutral, called an arbitrator, hear evidence and then make a decision. Often, parties to a contract agree to arbitration when they sign an agreement, which outlines the location of the arbitration, number of arbitrators and apportionment of fees. Arbitration can be binding, which means that the parties are bound by arbitrator’s decision, or non-binding (sometimes called mediation), which means that either party may reject the arbitrator’s decision and go to court or binding arbitration. Arbitration can be voluntary, where the parties agree to arbitrate, or required by a contract or law. It is quite common for parties to a contract to agree to an arbitration clause for disputes arising out of and related to the subject matter of the contract.  Arbitration

Continue reading