Re:Judge.me - A Private Small Claims Internet Court
by peterjancelis on Wednesday May 23, 2012 @09:06PM
(#4016203)
Re:Judge.me - A Private Small Claims Internet Court
by MichaelApproved on Wednesday May 23, 2012 @09:51PM
(#4016360)
"However, in the 4% of awards that are not honored, the prevailing party must seek to [enforce the award] by asking a court where the losing party has assets to turn the arbitration award into a court judgment, upon which the judge can than issue a [fieri facias] ("fi fa" in short), which is an order to the local sheriff to seize enough property of the losing party to make the prevailing party whole again, as well as to (typically) cover the court costs incurred by the entire process of enforcement. (This is why 96% of losing parties pay immediately: Not complying will most likely only incur more court expense for them and cause embarrassment from a forced property seizure.)"
I had to do this once. It takes a lot of time to figure it all out. I'd prefer to stick with milestones and escrow and avoid the whole legal fight.
Re:Judge.me - A Private Small Claims Internet Court
by peterjancelis on Thursday May 24, 2012 @05:42AM
(#4017597)
It can indeed be recommended to use your freedom of contract and specify an escrow to be used for the arbitration award. You can even both prepay some money in there.
Edit: this doesn't seem like a better solution than escrow or milestone payments.