Posted by Bill K. (AZ) on May 04, 1999 at 22:11:07:
One great piece of advice on arbitration comes from Bill Bronchick’s “Nuts and Bolts of Creative Real Estate Transactions” course.
“…I hate arbitration/mediation…If the seller intends to keep my earnest money against my will, I want to have the right to march into court and sue…don’t give up that right.”
So, whether you’re talking money or anything else, I wouldn’t agree to “binding” arbitration. You may agree to arbitration as a first resort, but I wouldn’t make it binding. Always leave the door open to pursue your full set of legal options/rights.
I hope this helps.
Bill K. (AZ)