What are the key clauses in an arbitration contract?

What are the key clauses in an arbitration contract?

Key clauses in an arbitration contract typically include the arbitration agreement, governing law, and dispute resolution procedures.

Can you explain the arbitration agreement clause?

The arbitration agreement clause outlines the parties' commitment to resolve disputes through arbitration rather than litigation.

What is the significance of the governing law clause?

The governing law clause specifies which jurisdiction's laws will apply to the arbitration, influencing the interpretation of the contract.

Are there any limitations on arbitration clauses?

Yes, limitations can include the types of disputes that can be arbitrated and requirements for the arbitration process itself.