Arbitration With Bank In Hennepin
Category:
State:
Multi-State
County:
Hennepin
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 in Hennepin through binding arbitration, instead of traditional court proceedings. It is executed alongside the sales contract and is governed by the Federal Arbitration Act, ensuring that disputes involving both the purchaser and retailer, as well as any associated entities, are included. Key features include a clear process for initiating arbitration, the requirement for a written notice detailing the nature of the dispute, and specifics on the appointment of arbitrators based on the claim amount. Claims must be made within the timeframe set by statutes of limitations. The agreement also outlines the arbitral procedures to be followed by the American Arbitration Association, including a differentiated approach based on the claim value. It emphasizes that any legal actions related to collateral securing payments are excluded from arbitration, aiming to protect both parties’ rights. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate, consumer finance, or contractual law, offering a framework for efficient dispute resolution outside the courtroom.
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