If you do not pay attention to the details of an arbitration provision when drafting a business agreement, you could end up facing numerous disadvantages, not the least of which is substantial extra expense.
Anne and Tom are adversaries in an arbitration proceeding arising out of Anne’s claim that Tom plundered their closely held corporation. When she filed her arbitration claim, Anne felt that she quickly would prevail since her attorney had told her that arbitration is generally much faster than litigation.
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