A market arbitration is an arbitration procedure where companies or individuals can take legal action to recover damages they feel they have been wrongly charged for, and to make up for lost profits.
A market can take place in Australia or overseas, with arbitrators deciding whether a company or individual has been injured or cheated by the way they have carried out business.
If there is a dispute over the amount of damages the parties are entitled to seek, they can go to court to resolve the dispute.
They are also entitled to recover money if the business is damaged.
How to avoid a market arbitrator In the event of a market-related injury, it’s important to be aware of how to avoid having to go to a market.
Here are some tips: Ensure your business has insurance.
You should have a business insurance policy that covers the business, so you can claim for lost or damaged goods and services, and the cost of medical and legal expenses.
If you don’t have insurance, then you should consider buying an insurance policy, or, in the unlikely event you do have insurance cover, hiring a solicitor to negotiate an agreement for your business.
Avoid paying a market for goods and/or services.
You may find it difficult to negotiate with a market when the business you are negotiating with is not a large one.
Seek advice from a business law lawyer before you pay a market, or contact a qualified market arbiter.
Make sure your business is licensed.
If your business does not have a licensed business agent, you will need to contact the local licensing authority and ask to be licensed.
You can do this online or by calling the Local Licensing Information Service on 1800 557 557.
Find out more about getting a business license.
If the business owner or other business owner of the business has a registered business, they will need a business licence to work in the business.
This is an extra fee that is usually covered by insurance.
If it’s an independent business, a business agent or other person authorised by the business will need their business licence for the business to work.
You must have the business licence in your possession.
A business licence is not required for a person who is working in the company or for a business to carry on business.
Find more information about obtaining a business licensing.
Get legal advice before going to court.
Lawyers and other legal practitioners can help you to avoid going to a court.
Find local law firms and get advice about the best way to file a claim.
If, in Australia, you have a court order against you, you may be able to negotiate a settlement before going in court.
You might want to get legal advice to find out whether you have the right to seek a settlement in that particular court case.
If that’s the case, you can contact a lawyer to discuss the best option for you and the business of your business, or you can find more information online.
If a settlement is not possible or is not being negotiated, you might want a lawyer’s help to determine what your best option is, and then get the best possible settlement.