It has become increasingly more common for various types of contracts to include arbitration clauses requiring any legal disputes arising from the contract to be resolved through arbitration. Dispute arbitration in Chicago Illinois is an alternative dispute resolution procedure whereby the parties agree to have their disagreement decided out-of-court by a third-party arbitrator or a panel of arbitrators rather than a judge. If you have a contract dispute requiring dispute arbitration in Chicago Illinois, contact a local arbitrator right away for a consultation.
Arbitration is governed by state and federal law, which recognizes that the parties to a dispute have the right to agree to the method of resolving it how they see fit, subject only to the legal safeguards necessary to serve the public interest. There are three basic types of arbitration that can be classified as commercial, consumer and labor arbitration. The goal of arbitration is for parties to a legal dispute to get a fair decision regarding the matter with the assistance of an impartial third party, without having to incur the unnecessary expenses or delay typical of traditional litigation in the court system.
Arbitrators are commonly appointed by mutual agreement of the disputing parties, or by an external party such as a court or an individual or institution selected by the parties. A final arbitration decision made by the arbitrator or arbitrators may be binding or non-binding upon the parties depending upon the circumstances and any prior agreement between them. A binding arbitration decision has the same effect of a court decision.