Sign New Jersey Arbitration Agreement Simple

Document type sign arbitration agreement new jersey simple

well I just finished up filming a live legal QA and you know we were talking today a bit about arbitration and mediation so we had a question that we answered live during the broadcast today and I figured you know it would be a good opportunity to sort of delve into that topic a little bit more with a video like this so today we're going to talk about the difference between a mediation and an arbitration for those of you who don't know my name is Peter Lamont I'm a business and personal law attorney and I make videos like this so that you guys get a better understanding of of how the law works and I think it helps because you get a better understanding of your rights and your obligations so that's why we do it if you head on over to our channel if you're watching this and it's not on the channel you'll see that we have a number of I think almost a hundred if not more videos from our understanding the law series - some of these law basic series that we do so head on over there check it out you can also look at our various social media pages it's got all the information that you might need and I encourage you to subscribe to the channel because you're going to be kept updated on all of the things that are developing but let's get back to today's topic which is the difference between mediation and arbitration so they sound similar and in many ways they are similar so in a mediation for example and we're going to use a simple example of two people in a dispute they're going to go they're going to see a mediator and a mediator is an impartial third party who is going to sit down with these individuals and going to help them work out the dispute hopefully to resolve the matter in an amicable fashion so as to avoid the hassles and expense and the time wasting of litigation because litigation as you guys all know can be extremely time-consuming and very expensive so a mediator sits down with these two parties who are at odds whether it's a business dispute their business partners or it's a husband-and-wife and they're going to get divorced however it is the mediator will make some recommendations and try to make some suggestions and that's going to help the two you know people in the in the dispute work out their matter now the the key factor in a mediation is that the mediator whatever the mediator says is basically guidance and opinion it's not legally binding right so it's not an order that the mediator is is issuing that can then be enforced through the court it's it's more of an informal way of guiding the two parties to reach an amicable resolution so that has a big you know a significant difference between what an arbitration is even though some of what happens in a mediation is similar to an arbitration so an arbitration let's say again we've got these two business partners that want to you know get out of the partnership and they're in this dispute but now instead of going to the mediator they go to an arbitrator same set up one guy with the dispute the other guy with a dispute and an impartial third party the third party could be a judge retired judge it could be a lawyer it could be a counselor whoever it is so the difference here in the arbitration is that the two parties are going to submit documents and evidence to the arbitrator and they're going to argue their position to the arbitrator after he or she reviews the materials and here's the testimony in the statements that arbitrator is going to issue an award or decision and whatever that arbitrator awards or decides becomes legally binding so if the arbitrator in the in the case of the business partners rules that partner a is entitled to a hundred thousand dollars and partner B is entitled to ten thousand dollars once that award is entered that becomes legally enforceable and you can go to court and you can try to enforce that arbitration award so arbitration is binding legally binding where mediation is non-binding that is the primary difference between the two it can get confusing because certain states they have these programs in the courts that are called non-binding arbitration and if you have any questions about any that sort of state specific stuff that you guys might have seen out there and you're confused over I encourage you to give me a call nine seven three nine four nine three seven seven zero or send me an email P Lamont at Peter Lamont esq comm and I'd be happy to discuss that state specific issue with you and I'll explain to you how it works but for today's purposes the general difference between mediation and arbitration is mediation is non-binding arbitration is legally binding so be careful when you enter into a contract or agreement with somebody see if there's an arbitration provision and and know that you know you're going to if you have a dispute have to go through arbitration and that ARB award or ruling is going to be legally binding one quick thought people often say well can I appeal an ARB award only limited circumstances like one percent of the time really can you can you appeal an arbor wort and and really in order to do that you've got to be able to prove that the arbitrator was somehow non neutral that he was biased to one side otherwise generally speaking it is extremely difficult to appeal in our board so you have to be aware of that when you're entering into agreements either as a business or a consumer so that's the difference again questions please feel free to call me also feel free to download our app which is available on the iTunes Store it's for iPad and iPhone it's free and it allows you to send in your legal questions directly to one of our attorneys and we send you an answer back via email so we thank the people that have downloaded it we've been receiving a lot of questions and I'm really happy to see that you guys are making use of of the of the app it also has other things like ability to your entire video catalog and to to stream live or understanding the law radio program so thank you for that I also want to remind you that your feedback and your comments are so important because I want to make sure that we're providing you with the best content and the best guests on understanding the law radio and I can only do that if I receive your feed back you know we do this purely as social outreach is a public service we don't even monetize our videos because this is not about making money this is about educating people as to some of the mysteries and intricacies of the law because you know we're all citizens of the US we all need to know what our rights and obligations are and I'm hopeful that these videos help convey that and explain that to you but I don't know unless you guys leave some feedback so if you get a second I would really appreciate it maybe give me a thumbs up or post a comment let me know what other topics you'd like to see other questions you'd like answered and I'd be happy to to get some of those videos on for you for those of you who have left feedback I greatly appreciate it and I know that you know even a few minutes of your time is valuable and the fact that you'll watch the video and then comment it's greatly appreciated so I thank you for that so that's it for today any questions or comments on there contact me via the information that I gave out a few minutes ago and I'll be happy to to deal with your specific issue until next time I like to thank you for watching and remember that there's power in understanding the law you you