Advantages And Disadvantages Of Arbitration

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Arbitration can be binding and non-binding. A binding arbitration is when the participant must follow the arbitrator's decision and the courts will enforce it. Non-binding arbitration means that either party can reject the agreement. By rejecting the agreement, they can take the dispute to court as if they never had arbitration. This form is not common. Must organization has a binding arbitration due to going to the court would cost more than arbitration. “If a signed arbitration agreement is in place, one side may not unilaterally decide that it does not want to arbitrate” (FreeAdvise Staff, n.d.). This means that the opposing party saw that there were something was wrong and the contract could be baise. One side has all the bargaining power and other side has to just agree to the terms or walk away from the negation . It is called an adhesion contract. Adhesion contracts are common form of contract and are binding just as any other contract. On some occasion, adhesion contracts or a clause within the contract could be enforceable. Enforceable contract means that there has to be an agreement, an acceptance, and consideration. The key element is the offer. It defines the purpose of the contract. The offer has to be communicated effectively so that the other party has the ability to accept or decline the offer. In order for the offer to be valid, the acceptance has to be straightforward and has to correspond to the exact terms that were of the offer. To finalize the offer there has to be a consideration. Consideration has to be a give and take for both parties. “Both parties must give something of value and receive something of value. If only one party receives value from an arrangement, the arrangement is generally defined as a gi... ... middle of paper ... ... Note: Healthcare and Beyond Who Decides- The Arbitrator or the Court. Dispute Resolution Journal, 71(3), 117-126. Fallon, L.F. & McConnell, C. R. (n.d.). Human Resource Management in Health Care. Retrieved from http://www.betheluniversityonline.net FreeAdvise Staff. (n.d.). Contract Law. Adhesion Contract. What is an adhesion contract? Retrieved June 7, 2017, from http://law.freeadvice.com/general_practice/contract_law/adhesion-contract.htm FreeAdvise Staff. (n.d.). Litigation. Arbitration. What if there is a signed arbitration agreement but one side decides it does not want to arbitrate? Retrieved June 6, 2017, from http://law.freeadvice.com/litigation/arbitration/signed_arbitration_agreement.htm UTSA (University of Texas at San Antonio). (2016). Business Contracts Office. Retrieved June 6, 2017, from http://www.utsa.edu/purchasing/contracts/definition.cfm

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