Arbitrage Meaning With Example In Cook
Category:
State:
Multi-State
County:
Cook
Control #:
US-00416-1
Format:
Word;
Rich Text
Instant download
Description
The Arbitration Agreement is a legal document that facilitates the resolution of disputes related to the purchase of a manufactured home through arbitration rather than court proceedings. This form details that any claims or controversies arising from the sale, occupancy, or financing of the home will be settled by binding arbitration, governed by the Federal Arbitration Act and administered by the American Arbitration Association. If a dispute arises, either party can initiate arbitration by sending a Notice that includes a description of the claim. The agreement specifies that for claims under twenty thousand dollars, a single arbitrator will handle the case, while claims above this amount will be reviewed by a panel of three arbitrators. Key features include the waiver of jury trial rights, detailed arbitration processes, and the assurance that fees will be shared equally between parties. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it sets clear rules and processes for resolving conflicts efficiently and effectively. Understanding this agreement allows legal professionals to advise clients on arbitration rights and obligations in the context of manufactured home transactions.
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