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This is an Arbitration Agreement between the two parties named below.
WHEREAS:
(A) The parties are involved in a dispute;
(B) The parties wish to refer the dispute to binding arbitration with a view to resolving the Dispute in an efficient, expeditious and inexpensive manner;
In consideration of the premises, the mutual covenants and conditions hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
1. The parties agree that the Dispute shall forthwith be referred to arbitration (the "Arbitration") pursuant to the rules of the American Arbitration Association.
2. The Arbitration shall be governed by the following rules:
(a) the Dispute shall be heard and determined by a single arbitrator ("Arbitrator") who shall be selected by agreement of both parties hereto. The Arbitrator shall make his or her award in writing either within three (3) months after entering on the reference or after having been called on to act by notice in writing from either party to the submission, whichever is the earlier, or on or before any later date to which the parties by writing signed by them may from time to time enlarge the time for making the award;
(b) the arbitrator shall have the authority to award costs to whichever party he or she deems appropriate, failing which the costs shall be borne equally;
(c) if the arbitrator has allowed his time or extended time for making an award to expire without making an award, either party hereto may apply to the court having appropriate jurisdiction or to a judge thereof to appoint an arbitrator who shall have the power to act in the reference and to make an award as if he or she had been duly appointed by both parties to the submission and by the consent of such parties;
(d) if an arbitrator is appointed pursuant to paragraph 2(b) above, such arbitrator shall
make his award within two months after the original or extended time appointed for making the award of the arbitrator has expired or on or before any later date to which the parties by any writing signed by them may from time to time enlarge the time for making the award, or if the parties have not agreed, then within such time as the court or judge appointing such arbitrator may impose;
(e) the decision of the Arbitrator shall be final, conclusive and binding upon the parties hereto; and
(f) there shall be no appeal from the award of the arbitrators or arbitrator in accordance with the provisions of the court having appropriate jurisdiction.
3. The parties agree that the statement of facts which will be presented to the Arbitrator is as set out forth in Exhibit 2.
4. The parties agree to split the costs equally for the arbitrator and provide sufficient deposits and advances so the abitrator can do his or her work in a timely manner.
5. This Agreement shall inure to the benefit of and be binding upon the respective heirs, executors, administrators and assigns of each of the parties hereto.
6. This Agreement is sets forth the entire agreement between the parties relating to the subject matter hereof and stands in the place of any previous agreement, whether oral or in writing. The parties agree that no amendment to this Agreement shall be binding upon the parties unless it is in writing and executed by both parties. Any dispute must be brought in the state of ____________ and none other.
IN WITNESS WHEREOF this Agreement has been executed by the parties hereto as of the date written above.
______________ ___________________
First Party Second Party
______________ ___________________
Witness Witness
Exhibit 1: Original Agreement and Subject of Dispute
Exhibit 2: Statement of Facts by the Parties
Arbitration or Mediation Agreement
What else can I help you with?
What are the alternatives to litigation?
arbitration negotiation mediation
What is a similar word to negotiation?
From the Related Link:Synonyms: agreement, arbitration, colloquy, compromise, conference, consultation, debate, diplomacy, discussion, intervention, mediation, meeting, transaction
What is the waiting period for settlement after agreement?
If agreement was reached in a case (at arbitration/mediation/etc) and a solution was agreed upon, the effective date the solution was to take place SHOULD have also been agreed upon and that date included in the agreement document.
What do collective bargaining mediation and arbitration have in common?
Collective bargaining mediation and arbitration are both processes used to resolve disputes between employers and employees, particularly in labor relations. Both aim to facilitate agreement and avoid strikes or work stoppages, promoting cooperation and dialogue. Mediation involves a neutral third party helping the parties negotiate a settlement, while arbitration involves that third party making a binding decision. Ultimately, both processes seek to achieve fair outcomes and maintain labor peace.
What happens if a signed mediation agreement is broken?
is a signed mediation agreement binding if one party was forced into it
What are two alternatives for resolving disputes?
Two alternative dispute resolution (ADR) methods are arbitration and mediation. Arbitration is where the dispute is given to a third party who makes a ruling on which party is correct. Arbitration may be binding or non binding depending on the agreement of the parties. The other method is mediation where the parties explain their dispute to a third party who works with both sides together to find a settlement to which both parties agree. The mediator makes no decision that binds the parties.
What is a term that helps avoid a trial?
Settlement, mediation, arbitration, dismissal, a stay.
How are domain name disputes solved?
Most if not all domain name disputes are settled in court, via agreement out of court or by mediation and arbitration. If you have a dispute I would seek the help of a solicitor that specializes in such cases.
Which method of conflict resolution is where decisions are made by those disputing parties with the assistance of a neutral third party?
Arbitration. If you look for answers, submit some too.
What are the pros and cons of choosing between arbitration and mediation for resolving disputes?
Arbitration and mediation are both alternative dispute resolution methods that offer pros and cons. Arbitration pros: Faster resolution compared to litigation Decision is binding and enforceable More formal process with a neutral arbitrator Arbitration cons: Limited opportunities for appeal Costs can be high Less control over the outcome Mediation pros: Parties have more control over the outcome Informal and collaborative process Can help preserve relationships Mediation cons: Non-binding decision May not be effective for complex disputes No guarantee of resolution Ultimately, the choice between arbitration and mediation depends on the specific circumstances of the dispute and the preferences of the parties involved.
Collective bargaining mediation and arbitration are best described as?
Collective bargaining mediation and arbitration are processes used to resolve disputes between employers and employees or their representatives. Mediation involves a neutral third party who facilitates discussions to help both sides reach a voluntary agreement, while arbitration involves a third party making a binding decision based on the evidence presented. Both methods aim to promote cooperation and avoid strikes or work stoppages, ensuring that labor relations remain stable. These processes are essential components of labor relations, providing structured approaches to conflict resolution.
Mediation and Arbitration and Accord and Satisfaction?
mediation and arbitration are alternative forms of dispute resolutions (cheaper and quicker than court). Accord and satisfaction is when a party gives up a right to demand contractual performance in exchange for some new benefit.
