Private Justice --- An Idea

[shanek]

Let's imagine a profession called "adjudicator". When two people or two companies want to sign a contract, they go to an adjudicator. He charges his fee, as he wishes, either one-off, annually, or whatever. In return for this fee, which they fix at the drawing-up of the contract, the adjudicator draws up the contract to the satisfaction of both parties and his own understanding.

That's called "contract insurance."

 

[CBL4]

As other people said, this is just an offshoot of binding arbitration with the twist that the adjucator helps write the contract. The most famous example of binding arbitration is in major league baseball. The player and the team make their case for pay and the arbitor decides. It is a fairly frequent occurrence.

I like binding arbitration but in general I would prefer to have a simple boiler plate contract (e.g. standard agreement found online) with an arbitration clause. If my contract is so complex that this will not work, I would be leary of trusting someone who does not represent me. I guess it would depend on what is at stake.

Arbitration can be a good way to preserve fairness between two parties and save on lawyers fees. Of course, some businesses write the contract and choose the arbitor which is simply a way to guarantee the business wins 99% of the time.

CBL