Arbitration

• Requires absolute agreement between parties
• Parameters of arbitration - 1 or 3 typical arbitrators. 1 likely here since this is not complex.
• Modified, very relaxed legal proceeding. Not looking strictly at rules of procedure or evidence
• Typically - decision on the spot. Once ruled - that's it
• If he goes nuts - does rulings outside of scope or law - that can be appealed. Can't go back and say arbit was wrong, or ignored facts, or applied wrong law. Stuck with it, that's it.
• 2 ways to do it: very informally - we all agree to an arbitrator, who sets the rules.
• Or more common: some arbitral org - American Arbitration Association, is biggest one.
• Approach an org - org comes with a set of rules. We get to pick the org.
• We can suggest characteristics of arbit - such as knowledge in property law.
• Try to include: for international- venue and language used. For here it's a small room rented. Conference room.
• Pay arbitrator hourly rate.
• If use org, also pay an admin fee for case manager. Few thousand for whole deal.
• We can agree that winner pays loser's atty fees.
• Biggest thing to think about - the issue of witnesses.
• Would need to look at MO law regarding witnesses. Can we subpoena them?
• Federal Arbitration Act (FAA) allows arbitrators to issue subpoenas, and they can be enforced by a federal court. Arbitrator, however, has no enforcement of subpoenas. Would need to get court to enforce it.
• Evidence is presented through witnesses in arbitration.
• Court will have stricter conditions.