How to Draft an Arbitration Agreement?
How to Draft an Arbitration Agreement? A good arbitration agreement is one which minimizes complications when a dispute arise. However, many a times people neglect to pay attention while drafting an arbitration agreement. Before finalizing an arbitration agreement, the terms should be thoroughly discussed and negotiated to avoid any misunderstanding at a later stage. Arbitration lawyers from all applicable jurisdictions must be consulted before finalizing any arbitration agreement..
A bad Arbitration Agreement could result in double jeopardy: arbitration as well as litigation arising out of arbitration. Therefore, care should be taken to draft an enforceable arbitration agreement. Lawyers from all applicable jurisdictions should review the arbitration agreement before its executed. Before signing an Arbitration Agreement the following must be properly addressed:
- Applicable law to arbitration
- Location of Arbitration
- Number of Arbitrators
- Language of Arbitration
- Discovery procedure
- Limitation to arbitration powers
- Interim measures/Provisional Remedies
- Privacy
- Rules Applicable
- Appeal & Enforcement
- Be aware of local peculiarities
- Survival after Termination of the main agreement.
The arbitration agreement should be modified as applicable under different circumstances. One brush should not paint all the painting…
