ARBITRATION ["GOTCHA CONTRACTS"] SAVE MONEY AND TIME; RIGHT?
WELL . . .
Many "user agreements" and other "forced upon us" contracts and agreements shove the beloved "arbitration" requirements down our sensitive throats. [Also known as "contract gotchas."]
Arbitration can be a more difficult and technical concept than what may be promoted. The theory is that contracting parties can agree to merely submit their cases to an "arbitrator" instead of proceeding through all the judicial process of court, discovery, trial delays, one side wanting the time-consuming and expensive process of a jury trial and so forth. Sounds good -- right?
We have seen so many contracts that merely state that the parties agree to arbitration in the event of a dispute. IF AVOIDABLE, DO NOT merely agree to such a bare minimalist statement without first consulting your attorney or your team of lawyers.
How come you ask?
STAY TUNED! NEXT TIME, I WILL ANSWER THIS IMPORTANT QUESTION!