Arbitrage Definition With Reference In Nassau

• Category: Arbitration and Mediation - Arbitration
• State: Multi-State
• County: Nassau
• Control #: US-00416-1
• Format: Word; Rich Text

Description

The Arbitration Agreement defines the process by which disputes related to the sale and purchase of manufactured homes will be resolved through binding arbitration rather than in court. It applies to Purchasers and Retailers involved in interstate commerce transactions and affirms the applicability of the Federal Arbitration Act. This Agreement benefits the Purchasers, Retailers, manufacturers, and any financing entities, allowing them to submit disputes to arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules. The form provides clear instructions for initiating arbitration, including the requirement for written notice detailing the claim and requested remedy. Significantly, arbitration is required for claims up to twenty thousand dollars by a single arbitrator, and for claims exceeding that amount, a three-arbitrator panel is mandated. All related costs will be equally shared, and the Agreement obligates parties to comply with informal dispute resolutions prior to arbitration. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this form essential in navigating the arbitration process, ensuring rights are maintained and disputes are resolved efficiently.