This arbitration agreement is executed contemporaneously with, and as an Inducement and consideration for, an Installment or sales contract for the purchase of a manufactured home. It provides that all claims or disputes arising out of or relating in any way to the sale, purchase, or occupancy of manufactured home resolved by binding arbitration administered by the American Arbitration Association ("AAA") under its Commercial Arbitration Rules. This Agreement is an election to resolve claims, disputes, and controversies by arbitration rather than the judicial process. The parties waive any right to a court trial.
Arbitration With Bank In Mecklenburg
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State:
Multi-State
County:
Mecklenburg
Control #:
US-00416-1
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FAQ
Arbitration is a mechanism for resolving disputes between investors and brokers, or between brokers. It is overseen by the Financial Industry Regulatory Authority (FINRA), and the decisions are final and binding.
Consumers are more likely to win in arbitration than in court. This research from ndp | analytics demonstrates that in disputes initiated by a consumer, consumers fare much better in arbitration than they do in litigation.
This means that any disputes between customers and banks over account fees, identity theft, or other charges will be decided by an arbitrator that the bank helps choose, rather than an impartial judge.
In general the arbitrator is an impartial person chosen by the parties. The arbitrator reads briefs and documentary evidence, hears testimony, examines evidence and renders an opinion on liability and damages in the form of an "award of the arbitrator" after the hearing.
The parties or their advisers should contact the arbitrator to arrange the arbitration. You should address all correspondence and enquiries to the arbitration consultant, through the arbitration team, and not to the president.
A claimant will typically start arbitration by sending a document known as a “request for arbitration” or a “notice to arbitrate” to its opponent.
Many arbitration clauses work in favor of a large employer or manufacturer when challenged by an employee or consumer who does not understand how arbitration works. Although generally the arbitrator is required to follow the law, the standards used are not clear.
The arbitrator listens to both sides, looks at the evidence you've sent in and decides what the outcome should be. In some cases, the arbitrator may choose to have several meetings with you both. When the arbitrator makes a decision, this is called an award and it's legally binding.
Even if you don't currently have a dispute with the company, it is a good idea to opt out of the forced arbitration clause to preserve your options. You can always agree later to use an arbitrator to resolve any dispute. Moreover, if you have opted out, you will have more negotiating power if there is a problem.