Arbitration Definition With Example In Fairfax
Category:
State:
Multi-State
County:
Fairfax
Control #:
US-00416-1
Format:
Word;
Rich Text
Instant download
Description
The Arbitration Agreement outlines the binding arbitration process for disputes related to the sale, purchase, or occupancy of a manufactured home. In Fairfax, this means that instead of going through court, parties can resolve conflicts through arbitration, administered by the American Arbitration Association under its Commercial Arbitration Rules. For instance, if a purchaser encounters issues with their newly acquired home, they would notify the retailer and the AAA to initiate mediation. This Agreement specifies the roles of the retailer, purchaser, and involved financing entities, ensuring their rights are preserved during disputes. It mandates that all arbitration claims must be initiated through a written notice detailing the dispute. Additionally, it outlines specific arbitration procedures based on the claim amount, such as using a single arbitrator for claims under $20,000 and a panel for larger claims. Notably, this Agreement waives the right to a jury trial, emphasizing the parties' understanding of the differences between arbitration and court proceedings. This document is essential for attorneys, partners, and legal assistants involved in consumer contracts, as it provides a framework for dispute resolution and informs clients about their rights and obligations regarding arbitration.
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