The Law Relating To Contract Disputes Has Changed: Plan Ahead

To a certain degree, contract disputes are inevitable during the life of an organization. What effect does a particular clause have? Who is responsible if something goes wrong? How much money is owed? The answers to these questions may seem obvious to both parties when the contract is drafted, but that can change over time and with certain events. This is where commercial arbitration comes in.

Commercial arbitration is meant to provide disputing parties with a relatively quick and inexpensive way to resolve a disagreement. This is why most contracts will include a clause sending any dispute to binding arbitration. However, a problem arises when the unsuccessful party disagrees with the arbitrator's decision and tries to appeal it to the courts.