What do I need to know about arbitration before I enter into it?
Before entering into arbitration in Georgia, it is important to understand the basics of arbitration law. An arbitration is a private dispute resolution process that allows parties to a dispute to have their claims or disagreements settled through the use of an independent and impartial third party. This third party, known as an arbitrator, acts as a judge and has the power to make a final and binding decision in the dispute. The specifics of an arbitration will depend on the agreement of the parties involved, and the law of the jurisdiction in which it is taking place. In Georgia, the rules of arbitration are outlined in Title 9 of the Official Code of Georgia Annotated. According to this section, an arbitration agreement must be in writing and should include the topics and outcomes each party agrees to abide by. In addition, it is important to know that each party will have a chance to present their evidence and be heard during the arbitration process. This differs from a typical court hearing, where one party is typically left to defend their stance without the other party present. In Georgia, an arbitration award can be enforced in court and will generally be upheld unless there is evidence of fraud or illegality. If a party refuses to comply with the award, they may be subject to legal action. It is important to do your research before entering into an arbitration in Georgia. Be sure to read the agreement thoroughly and make sure both parties understand the process before moving forward.
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