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Court cases are often time consuming, disruptive, complex and costly. Many dealers are avoiding courtroom battles by using binding arbitration agreements in their employment and sales contracts.
Binding arbitration: what is it?
An alternative way to resolve a legal dispute. Arbitration has some similarities to the court system. Each party gets to tell their side of the story to an arbitrator, who is a neutral third party. After hearing both sides, and reviewing the evidence, the arbitrator decides the matter.
Even though it is less formal than going through the court system, binding arbitration. like any legal action, should be a last resort for resolving any dispute.
What are the advantages?
When used fairly, binding arbitration benefits both parties involved in a dispute. Binding arbitration cases are:
- Resolved more privately
- Resolved more quickly
- Less costly
- Decided more rationally
Where should binding arbitration be used?
- Sales, and Leasing and Service Agreements
- Employment Agreements
Our Binding Arbitration Installation Kit includes:
- Overview of binding arbitration and the claims process
- Self-checklist to compare your current binding arbitration agreement to generally accepted binding arbitration principles
- Sample binding arbitration language for sales and leasing, service and repair, and employment agreements
- Availability of preprinted forms that include our binding arbitration language from Reynolds & Reynolds (If you use a different supplier, provide our sample agreements to your legal counsel or forms supplier to ensure that any state-specific rules or regulations are included.)
- Best practice recommendations
- Step-by-step installation guides
- Toll-free phone number staffed by professionals dedicated to answering your arbitration questions.
The Binding Arbitration Kit is available at no additional charge to dealers insured by Zurich. Contact your Account Executive.
Here's what our dealer advisory council members said about the new program:
"We fully endorse this program and believe it to be a leading loss prevention tool for auto dealers throughout the country. This program is thorough and provides best practice guidelines to properly implement binding arbitration into your dealership operations."
Note: Products may not be available in all states