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 Definition With Example In Oakland
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Multi-State
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Oakland
Control #:
US-00416-1
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Arbitration is essentially a paid private trial, in other words, a method to resolve disputes without going to court. Arbitration is a binding or non-binding process where an arbitrator, rather than a judge or jury, applies the law to the facts of the case and issues an award.O Private Arbitration (binding and nonbinding) occurs when parties involved in a dispute either agree or are contractually obligated. Arbitration is a disputeresolution process that offers an alternative forum to the court system for the settling of legal claims. Arbitration is, in essence, a private way of resolving disputes, analogous to litigation through public courts. A hallmark of arbitration law is that in order to compel parties to arbitration, there must be a valid agreement to arbitrate the disputed claims. Arbitration is an alternative dispute resolution process that offers parties an opportunity to settle their disputes outside the courtroom. Arbitrator are encouraged to complete the case in less time than the maximums set forth in the Rules, if that is consistent with a just and fair result.