Many real estate sales contracts, leasing agreements, medical agreements, and many other types of contracts have a provision which mandates that in the event of a dispute, you agree to “Binding Arbitration” and waive your right to go to court and have a jury trial. Binding Arbitration means that within the procedure set forth in your agreement or contract, you and the other party, alone or with your attorneys, select an arbitrator to hear your matter rather than a judge and/or jury. The decision of the arbitrator is final, with very limited rights to appeal the arbitrators decision. The procedures for handling the arbitration may be spelled out in your agreement or contract, or may be by reference only to a specific group that provides arbitration services with set procedures for handling the arbitration. The procedures may limit additional rights such as the right to demand documents, take depositions, and other discovery rights that are available when the matter is handle through the courts. Therefore, it is important to review and understand the full terms and conditions related to a “Binding Arbitration” provision contained in any agreement or contract.
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