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Key points to consider in drafting an arbitration agreement include selecting arbitrators, determining the number of arbitrators, deciding on the inclusion of discovery and depositions, choosing between a reasoned decision or just an award, and including provisions for appellate rights. The choice between using rules from organizations like the American Arbitration Association or JAMS should also be considered. Additionally, parties can agree to appellate review, otherwise, state law governs the review of arbitration decisions.
