Arbitrage Definition In Bronx

• Category: Arbitration and Mediation - Arbitration
• State: Multi-State
• County: Bronx
• Control #: US-00416-1
• Format: Word; Rich Text

Description

The Arbitration Agreement serves as a binding contract between the purchaser of a manufactured home and the retailer. The primary focus is on establishing arbitration as the method to resolve any disputes arising from the sale or occupancy of the home, as defined within the context of Bronx law. Key features include that all claims related to the transaction will be resolved through binding arbitration administered by the American Arbitration Association, in accordance with their Commercial Arbitration Rules. Potential users—attorneys, partners, owners, associates, paralegals, and legal assistants—must ensure that the parties involved draft the Notice of Intent to arbitrate accurately, detailing the claim and desired remedy. Notably, arbitrators must be licensed attorneys with relevant experience, ensuring a knowledgeable review of the particulars of each case. The form stipulates that for claims under twenty thousand dollars, a single arbitrator will preside, while claims above this threshold require a panel of three arbitrators. Users should also be aware that entering into this Agreement waives the right to trial by jury, shifting the resolution process entirely to arbitration. Clarity in completing this form is crucial, as all parties must acknowledge receipt, thereby preventing future disputes over the Agreement's validity.