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In an arbitration agreement, there are several key elements to consider: 1. **Selection of Arbitrators**: Determine how arbitrators will be chosen, possibly referencing organizations like the American Arbitration Association or JAMS.2. **Number of Arbitrators**: Decide on the number of arbitrators to be involved in the arbitration process.3. **Discovery**: Clarify whether discovery will be permitted, including the potential for depositions.4. **Decision Format**: Specify if a reasoned decision is required or if only an award will suffice.5. **Appellate Rights**: Include provisions for appellate review if the parties agree; otherwise, adhere to applicable state law regarding the review of arbitration decisions.
