Arbitrage Definition For Finance In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00416-1
Format:
Word;
Rich Text
Instant download
Description
The Arbitration Agreement is a legally binding document executed concurrently with a sales contract for the purchase of a manufactured home, primarily targeted at parties involved in such transactions in Chicago. This form provides a clear definition of arbitration, emphasizing that all disputes related to the sale, ownership, and financing of the home will be resolved through binding arbitration, as set forth by the Federal Arbitration Act. Key features include the requirement for written notice to initiate arbitration and the distinction in arbitrator selection based on the amount involved in the claims. The form outlines procedures for disputes and emphasizes impartiality by requiring that arbitrators possess five or more years of experience in Commercial Law. Filling instructions dictate providing clear descriptions of the claims and serving notices to both the retailer and the arbitration association. Use cases for this document are particularly relevant for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate transactions, as it safeguards their clients' interests by ensuring disputes are resolved efficiently and outside of court. Additionally, it clarifies that parties waive their right to a jury trial, which may influence their decision-making in complex transactions.
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