What is arbitration? Was it Shakespeare who mused about killing all the lawyers? Henry the 6th or something? Hmmm…
Well if he’d done so, that’d make arbitration…not necessary.
So first…what IS arbitration? Well, basically it’s the adjudication of a case outside of the formal normal court system, which is massively clogged in the U.S....like, needs-a-million-gallon-enema kind of clogged.
The cost of fully adjudicating cases (that is, pursuing a lawsuit all the way to a judgement) has become astronomically expensive, not to mention time consuming. The process is also filled with silly loopholes that make getting to a real conclusion painful, if not impossible.
So it has become common practice for parties entering a partnership or contract in whatever form to agree to arbitration if a big fat hairy conflict arises down the road. In arbitration, both sides just hire their own separate judge…usually a retired judge from the normal court system with a lot of miles on her tires.
In arbitration, everyone simply relies on the arbitrating judge to be… fair. Lots of silly loopholes go away and quote justice unquote in whatever form is arrived at…faster. And if that doesn’t work…you can always do things the Shakespeare way.
Related or Semi-related Video
Finance: What is a Cooling-Off Period?2 Views
Finance allah shmoop what is a cooling off period Yeah
not twenty minutes you spend in your respective corners after
a big fight although that sort of cooling off period
can result in less broken glass where in the world
of finance a cooling off period refers to something else
hot buyers need chill in time If you decide to
buy that ferrari for example you might want to cool
off a little before you actually fork over the four
hundred grand like you got all excited by the sales
person and then well you need a little bit of
time Cool and think about whether you really want to
spend that kind of money on a car if you're
a company and you filed with the sec to sell
bonds or stocks well there is a legal twenty day
cooling off period during this time your company can't advertise
and you have tio you know behave yourself When the
twenty days have passed the sec will issue a release
so that the securities can be sold to the public
it's kind of like the brady bill which imposed a
mandatory waiting period between when you want to buy a
gun And when you can actually use it careful there 00:01:06.696 --> [endTime] did
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