Arbitration is a common means of resolving commercial disputes. As these disputes grow larger and more costly, parties are looking for ways to resolve them more effectively and efficiently. Such efforts help to reduce the strain on corporate budgets and preserve existing commercial relationships.
One way to minimize the time and cost of arbitrating a dispute is to avoid arbitration altogether. Hence, a growing number of commercial contracts include tiered dispute resolution clauses. These clauses set out non-binding steps, ranging from executive negotiations to mediation—that are to be undertaken prior to submitting a dispute to arbitration.
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