What are the remedies for breach of an arbitration agreement?
Remedies for breach of an arbitration agreement in North Carolina involve the court awarding damages or ordering specific performance. In the case of damages, the aggrieved party typically has the right to be compensated for any losses resulting from the breach of the agreement. This can include monetary damages or other forms of compensation like declaratory or injunctive relief. As for ordering specific performance, this requires the breaching party to do what was originally outlined in the agreement or face being held in contempt of court. A court of law in North Carolina may also order a party to return any money or property they obtained from the other party that was not agreed upon in the arbitration agreement. Overall, it is important to note that a breach of an arbitration agreement in North Carolina can be seen as a violation of contract law. As a result, upon finding that a breach of the agreement has occurred, a court of law may award compensatory damages to the aggrieved party. In addition, the court may also order that the breaching party be held accountable for the legal costs and attorney’s fees of the aggrieved party. Depending on the situation, the court may also impose punitive damages on the breaching party as a way to discourage them from breaching any future agreements.
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