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New Arbitration Rules
The financial crisis has driven companies and their in-house counsel to focus on reducing costs and risks, especially when it comes to the ever-increasing legal costs and risks associated with litigation. While traditional alternative dispute resolution programs have been available for some time, they have drawbacks, such as: 1) timing (faster than traditional litigation but complex cases can take a long time to resolve); 2) substantial fees for experienced private arbitrators; and 3) the inability to appeal an arbitration award. Now there is a faster, less expensive, appealable option for in-house counsel to consider.
Following in the footsteps of its very successful mediation program, the Delaware Court of Chancery recently added a new weapon to its arsenal of alternative dispute resolution options to resolve business disputes with streamlined procedures that should reduce both the costs and the risks associated with the normal litigation process. Effective Feb. 1, 2010, that court implemented new fast-track arbitration procedures under 10 Del. C. ' 349, which provide for voluntary, confidential and binding resolution of business disputes before one of the members of the Court of Chancery usually within 90 days of requesting arbitration. With these new rules, the Court of Chancery now offers in-house counsel an opportunity to have a judge or master resolve a significant business dispute that would not otherwise qualify to be resolved by the Court of Chancery given its traditional equitable jurisdiction.
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