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Arbitration

businesses (B2B)

Arbitration is a private, out-of-court dispute resolution process—usually between parties to a contract—in which the dispute is resolved by one or more arbitrators rather than by judges and juries in the court system. Businesses often include an arbitration provision in the dispute resolution section of a wide variety of contracts or agreements with other business entities.

In North Carolina, arbitration is governed by both federal and state laws. The Federal Arbitration Act (FAA) applies to arbitration agreements that involve interstate commerce, which can cover a wide range of business contracts. Additionally, North Carolina has adopted the Uniform Arbitration Act, codified in Chapter 1, Article 45C of the North Carolina General Statutes (N.C. Gen. Stat. §§ 1-569.1 to 1-569.31). This state law provides the framework for conducting arbitration proceedings within the state, including the enforcement of arbitration agreements, the appointment of arbitrators, and the confirmation, vacating, or modification of arbitration awards. Businesses in North Carolina often include arbitration clauses in their contracts to ensure a private, efficient, and binding resolution of disputes without resorting to the court system. These clauses must be crafted carefully to be enforceable and typically specify the rules governing the arbitration process, the selection of arbitrators, and the handling of the arbitration award.

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Arbitration

businesses (B2B)

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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North-Carolina State Code

North-Carolina State Code

Arbitration

businesses (B2B)

Articles