Exceptions to the Economic Loss Doctrine

Economic Loss Doctrine An economic loss refers to a financial loss and damages suffered by a person or entity, which arise from a defect in the qualitative nature of the product, service, or improvement that was bargained for. Generally, an economic loss is observed on assets (i.e., “the books”) rather...

Illinois Mandatory Arbitration

Mandatory arbitration is a legal proceeding, conducted like a trial, which is held before statelicensed attorneys who have completed a court certified arbitration program. The attorney-arbitrators act in place of a judge and render a decision at the conclusion of the proceeding.