Mandatory arbitration provision

{
  "id": "MLC-T-INS-002115",
  "term": "Mandatory arbitration provision",
  "field": "Insurance and risk management",
  "definition": "A clause in an insurance policy or other contract that requires any disputes between the parties to be resolved through arbitration rather than litigation in court. This provision typically specifies the rules and procedures for the arbitration process, including the selection of arbitrators. It aims to provide a faster and less costly method for resolving disagreements.",
  "url": "https://mlchart.com/terminology/insurance/mandatory-arbitration-provision/"
}