Arbitration contracts are typically used between companies, corporations or insurance companies, although they do sometimes affect consumers. They are mandatory contracts that take you out of the court system when you sign up for them. Simply put, arbitration means you cannot file a lawsuit.
You and your lawyer put together a list of people who can arbitrate your case; the opposing side also puts together a list, and both sides must agree on those arbitrators. This list usually involves one to three people who are jointly selected by both sides.
The next step involves a mini-trial where you can tell your side of the story to the arbitrator as well as offer your documents in support of your story. The opposing side then tells their own side of the story at which time the arbitrator must decide which story everyone will be bound by.
We at the Segal Law firm have found cases where people were unfortunately tricked into arbitration. In these instances, we can often get you into court. Arbitration is voluntary and must be an agreement that is knowingly made. However, if you fully understand this process and agree to it, you will most likely be going in front of a lawyer instead of a courtroom.
There are a few instances where you might not be in front of a lawyer; one of those examples might be if someone lost money in the stock market stemming from bad advice from a stockbroker. In this scenario, the mediator will be from the investment side of the industry instead of the legal side.
If you have any questions concerning arbitration and how it relates to your case in West Virginia, contact us here, or call 855-344-9100.