As court costs skyrocket, many businesses cannot afford to commence litigation unless the amount in question is substantial and the difference between “letting it go” and “going ahead” is at the cost of their business. Arbitration clauses can save money and time.
Most progressive business people now incorporate arbitration clauses into their contracts with suppliers and clients so that disputes do not linger in the court process and put a strain on finances and time.
The arbitration process is an efficient process; one that can be more confidential and less formal than that of litigation. Arbitration is less damaging to the continuing relationships between the parties perhaps largely due to the fact that the costs are lower to obtain a decision and move forward with the dispute.
And it’s not just business contracts that are suitable for arbitration clauses. You will find arbitration clauses in almost every type of contract being written today. It’s not only large companies using arbitration clauses. Small corporations and entrepreneurs are using this vehicle, directing how disputes will be handled, more and more. TORONTO ADR Services provides mediation as the first step in disputes and arbitrates where required under business contracts, or as agreed to between the parties in condominium disputes, lease renewal contracts, home contractor contracts and more.
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