Arbitration
A private dispute resolution process where an independent arbitrator makes a binding decision instead of a court.
Arbitration clauses specify the arbitration body, governing rules, location, language, and whether the decision is final. They are common in commercial contracts as an alternative to litigation, offering faster resolution and confidentiality.
When reviewing contracts at scale, tracking dispute resolution mechanisms is critical. Document intelligence can extract arbitration terms and flag contracts that route disputes to unfavorable jurisdictions or use rules inconsistent with company policy.
Related Terms
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Non-Disclosure Agreement (NDA)
A legally binding contract that establishes confidentiality obligations between parties sharing sensitive information.
Service Level Agreement (SLA)
A contract defining the expected performance standards, uptime guarantees, and remedies for a service provider.
Indemnification
A contractual obligation where one party agrees to compensate the other for specified losses or damages.
Force Majeure
A contract clause that frees parties from obligations when extraordinary events beyond their control prevent performance.
Contract
A legally enforceable agreement between two or more parties that creates mutual obligations.
Amendment
A formal modification to an existing contract that changes, adds, or removes specific terms.
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