Arbitration Law Builds on Business-Friendly Reputation
October 26, 2011
For the last century, Delaware has been quick to respond to the needs of Corporate America. In keeping Delaware on the cutting edge of business law, the General Assembly amended Delaware law in 2009 to permit sitting Chancery Court judges to arbitrate business-to-business disputes. This confidential forum is another way that Delaware has embraced big business.
The amendment gives businesses a faster, cheaper, and more private way to settle disputes with other companies. Former state Supreme Court Justice William T. Quillen said, “A key advantage to having disputes go through arbitration is the element of confidentiality.” The director of the Weinberg Center for Corporate Governance at the University of Delaware notes that “This is clearly another example of Delaware maximizing and protecting our corporate franchise, which is a huge, necessary revenue stream.”