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In creating an arbitration agreement, several key points should be considered. First, determine how arbitrators will be selected, referencing rules from organizations like the American Arbitration Association or JAMS. Second, decide on the number of arbitrators involved. Third, establish whether discovery will be permitted, particularly regarding depositions. Fourth, clarify whether a reasoned decision or merely an award will be provided. Lastly, consider including appellate rights that allow for some level of review, which is subject to state law unless otherwise agreed upon by the parties.
