Basic FAQ for Arbitration Clauses for SME Business Contracts (v.2022-1)

I was reviewing a contract with my supplier, it contained an arbitration clause, what is the significance of that clause?

If your contract has an arbitration clause, resort to arbitration becomes mandatory if (or when) there is conflict between the contracting parties.

What happens if arbitration is mandatory?

Neither party will be allowed to bring the matter to courts. The issue will have to be resolved through arbitration.

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