Small Business Reading Room

Wednesday, September 08, 2010

New Delaware Court of Chancery Arbitration Rules Provide another Reason for Businesses to Organize Under Delaware Law

The Court of Chancery has adopted new rules for voluntary binding arbitration that help provide a cost-effective means of resolving business disputes in Delaware.

Some of the advantages include:

  • Arbitrator of the highest caliber
    - arbitrator is a chancellor or master sitting permanently on the Court of Chancery.

  • Fast track handling of the arbitration
    - arbitration hearings to be generally held within 90 days of filing.

  • Hearings are private proceedings
    - only the parties and their representatives may attend, unless all parties agree otherwise.

  • Parties may opt for binding arbitration if at least one of them is a business entity and is organized under Delaware law or has its principal place of business in Delaware, no party is a consumer, and, in cases involving solely a claim for monetary damages, the amount in controversy is at least one million dollars.


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