Are there any special considerations for commercial arbitration?
Yes, there are special considerations for commercial arbitration in North Carolina. Commercial arbitration is a dispute resolution process between two or more businesses, either over a contract dispute or a failure between one business and another. In North Carolina, special rules apply when businesses use arbitration to resolve their disputes. First, in North Carolina, parties to a dispute must agree to the arbitration process before it begins. They must sign an arbitration agreement that outlines the specifics of the arbitration process and the parties’ rights and responsibilities. The agreement will also provide information about how the arbitration will be conducted and the rules that will be observed. Parties must also choose a neutral third-party arbitrator who will listen to each side of the dispute and render a legally binding decision. Second, North Carolina law also requires that both parties be given the opportunity to present evidence and to call witnesses to testify in the arbitration hearing. Additionally, the parties may agree to the use of a specific set of rules that will govern the arbitration proceedings. Finally, North Carolina law requires that the arbitration process be conducted in a timely manner. The arbitrator must set a deadline for the completion of the arbitration proceedings and must adhere to this deadline. In addition, the arbitrator must provide a written decision explaining the results of the arbitration. This decision will be legally binding on both parties and must be followed unless appealed.
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