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We are working on the wording in a contract and it was suggested to me to add a mediation clause to the contract. The other party agreed, but they preferred binding arbitration. Which is preferred method? The contract will be following the laws of New Jersey, if that matters at all.
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There is no preferred method - it depends on the circumstances. Mediation is when someone attempts to assist you to come to a resolution. Arbitration is when someone else makes the decision and its binding on both parties. Sometimes mediation is not successful, and you wind up in court anyway. Arbitration is more of a substitution for court because the arbitrator makes a decision like a judge.
Answered on Apr 22nd, 2013 at 7:46 AM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship