A general counsel walks into his CEO’s office…

GC: “Boss, I got bad news and worse news.”

CEO: “What the hell is it?”

GC: “The arbitrator issued an award against us of 20 million dollars”

CEO: “What? That’s preposterous, outrageous. Damn it to hell, we will appeal all the way to the supreme court if necessary”

GC: “Well, boss, about that appeal…

Be careful what you wish for. Prompted by what some considered to be “runaway” jury verdicts, commercial transactions began to include in their standard documentation, an agreement to use arbitration to resolve any disputes that might arise. The thought was that reposing such decisions to an arbitrator or panel of arbitrators would take the emotion and uncertainty of a jury trial out of play leading to more predictable results.… → Read More