Arbitration Definition With Example In Minnesota
Category:
State:
Multi-State
Control #:
US-00416-1
Format:
Word;
Rich Text
Instant download
Description
The Arbitration Agreement is a legally binding document that facilitates the resolution of disputes related to the sale and purchase of a manufactured home in Minnesota, as part of a sales contract. It outlines that any conflicts arising from the contract will be settled through binding arbitration under the rules set by the American Arbitration Association. This form emphasizes that all claims must be initiated within a specific time frame and provides a mechanism for smaller and larger claims to be arbitrated by either one or three arbitrators, respectively. Key features include the waiver of the right to a jury trial, the expectation of a written decision from the arbitrator, and the sharing of arbitration costs between parties. The form is designed for use by attorneys, partners, owners, associates, paralegals, and legal assistants who may represent parties involved in buying or selling manufactured homes. This agreement ensures a streamlined dispute resolution process, making it a practical choice for managing conflicts outside of traditional judicial systems while catering to the nuances of contractual terms and the Federal Arbitration Act.
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