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In contract law, an arbitration clause is a clause in a contract that requires the parties to resolve their disputes through an arbitration process. Although such a clause may or may not specify that arbitration occur within a specific jurisdiction, it always binds the parties to a type of resolution outside the courts, and is therefore considered a kind of forum selection clause.
In contract law, a forum selection clause (sometimes called a dispute resolution clause, choice of court clause, governing law clause, jurisdiction clause or an arbitration clause, depending on its form) in a contract with a conflict of laws element allows the parties to agree that any disputes relating to that contract will be resolved in a specific forum.
The contract regarding which the dispute exists, must either contain an arbitration clause or must refer to a separate document signed by the parties containing the arbitration agreement. The existence of an arbitration agreement can also be inferred by written correspondence such as letters, telex, or telegrams which provide a record of an ...
Arbitration, in the context of the law of the United States, is a form of alternative dispute resolution.Specifically, arbitration is an alternative to litigation through which the parties to a dispute agree to submit their respective evidence and legal arguments to a third party (i.e., the arbitrator) for resolution.
These will generally be normal contracts, but they contain an arbitration clause; Agreements which are signed after a dispute has arisen, agreeing that the dispute should be resolved by arbitration (sometimes called a "submission agreement") The former is the far more prevalent type of arbitration agreement.
In 1998, Richard E. Speidel discussed the possibility the unconscionability could be a defense to the enforcement of a consumer arbitration agreement, but he concluded that such a defense would be unlikely to succeed (even in a standard form contract) when the arbitration clause is not hidden or there are competitors that offer similar products ...