Co-Arbitrator Agreement

Co-Arbitrator Agreement

A Co-Arbitrator Agreement is a formal arrangement between parties involved in arbitration, where two or more arbitrators are appointed to resolve a dispute. This type of agreement outlines the roles, responsibilities, and powers of each co-arbitrator, ensuring clarity and cooperation throughout the arbitration process.

Typically, in arbitration, parties may select a panel of arbitrators instead of just one. A Co-Arbitrator Agreement specifies how decisions will be made, whether through consensus or majority, and addresses issues such as conflict of interest, decision-making procedures, and the process for reaching a final resolution.

For example, in a commercial dispute involving a partnership, the two partners might agree on a co-arbitrator to represent their interests. They would then create a Co-Arbitrator Agreement which stipulates that this arbitrator will work alongside a neutral third-party arbitrator. This agreement will detail how disputes will be resolved, the timeline for proceedings, and how costs will be shared.

The primary benefit of a Co-Arbitrator Agreement is that it ensures a balanced approach to arbitration, allowing for multiple perspectives in decision-making and potentially leading to a more equitable resolution of the dispute.