Quote:
Originally Posted by CanYouSpareACnote?
Good luck getting both sides to post arbitration bonds. You can always use Solomonic wisdom: the side refusing to post up is the guilty party. Have that in the fine print.
I did not say it was going to happen. Both side would pay the fees/cost for arbitration services.
If the parties to a dispute agree to arbitration, and the particular subject matter under arbitration allows for judicial enforcement of an award, collection on an award is not too difficult if the losing party actually has assets.
Even if the underlying dispute is not something enforceable through the courts, i.e. collection of a gambling debt, there might the need for a non-judicial escrow somewhere. (Actually, altho I hate to go on a tangent off a tangent, the technology is available to escrow funding of a possible award on the blockchain, using a simple multi-signature requirement for release.)