arbitration agreement ?

Answer 1

It is a written contract in which two or more parties agree to use arbitration, instead of the courts, to decide certain disputes. The arbitration agreement is ordinarily a clause in a larger contract. The disputes may be about the performance of a specific contract, a claim of unfair or illegal treatment in the workplace, a faulty product, or just about anything else. People are free to agree to arbitrate just about anything they could litigate.

Arbitration is today most commonly used for the resolution of commercial disputes, particularly in the context of international commercial transactions. It is also used in some countries to resolve other types of disputes, such as labour disputes, consumer disputes or family disputes, and for the resolution of certain disputes between states and between investors and states.

ADVANTAGES OF ARBITRATION:
- when the subject matter of the dispute is highly technical, arbitrators with an appropriate degree of expertise can be appointed
- arbitration is often faster than litigation in court
- arbitration can be cheaper
- arbitral proceedings and an arbitral award are generally private
- the arbitral process enjoys a greater degree of flexibility than the courts
- because of the provisions of the New York Convention 1958, arbitration awards are generally easier to enforce abroad than court judgments
- in most legal systems, there are limited avenues for appeal of an arbitral award, which can mean swifter enforcement and less scope for a party to delay matters.

However, some of the disadvantages of arbitration can be that:
- the parties need to pay for the arbitrators, which adds an - additional layer of legal cost
- although usually thought to be speedier, when there are multiple arbitrators on the panel, juggling their schedules for hearing dates in long cases can lead to delays
- in some legal systems, arbitral awards have fewer enforcement remedies than judgments
- arbitrators are generally unable to order interlocutory measures against a party, making it easier for a party to take steps to avoid enforcement of an award (such as the relocation of assets offshore)
- rule of applicable law is not binding, and arbitrators not subject to overturn on appeal may be more likely to rule according to their personal ideals.

Answer 2

Yes, to be forced into commercial arbitration, you had to have agreed to it, either in the original agreement with the other party or in an agreement to arbitrate entered into after the dispute arose.

There may be exceptions by statute, as some states require arbitration of medical malpractice claims under a certain amount.