Is it time to celebrate? -
It’s midnight. The champagne is on ice. It was a tough negotiation but your attorney got all the key terms you wanted. With a few finishing touches on the contract, the deal will be done and the celebration can begin.
But then, as an afterthought, someone raises the possible need for an arbitration clause. To expedite the closing of the deal, boilerplate language from another unrelated contract is lifted and inserted in the deal contract. Just like that, a hastily added alternative dispute resolution (ADR) provision has been added to what is an otherwise meticulously drafted document.
Originally published in InsideCounsel.com on February 18, 2016.
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