Delaware Supreme Court Adopts Rules To Streamline Arbitrations Under The Delaware Rapid Arbitration Act

The Delaware Rapid Arbitration Act ("DRAA"), effective May 2, 2015, creates a streamlined arbitration process resulting in swift, confidential, and cost-effective resolutions of business disputes. This arbitration process benefits those who are willing to forgo lengthy discovery and appeals processes, and resolve business disputes in a shorter time frame with lower costs. Under the DRAA, Arbitrators are required to decide the dispute within 120 days of accepting their appointment. If both parties are in agreement, the parties have the option to extend the 120-day window for a maximum of 60 days by submitting a written extension request either before or after the 120-day period expires. Any challenges to the Arbitrator's final decision must be appealed within 15 days of the decision, but the parties can agree at the outset to forgo any appeals.