The author is a partner in the Cleveland law firm of Weston, Hurd, Fallon, Paisley & Howley and a member of the Regional Advisory Council of the AAA. He specializes primarily in business and securities issues. ·
Most lawyers have a standard arbitration provision in their boilerplate which is included without thought in many business contracts. Few of them consider negotiating an arbitration provision in a domestic business transaction. In fact, few lawyers are familiar with the arbitration process. This is particularly true in large law firms where litigation and arbitrations are handled only by "trial lawyers." Substantial benefits can be obtained for a business client with carefully considered arbitration provisions. The purpose of this article is to familiarize lawyers with the issues to be considered in preparing an arbitration provision for a business transaction.