Arbitrage Vs No Arbitrage In Ohio

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

Description

The Arbitration Agreement outlines the procedure for resolving disputes related to the purchase of a manufactured home in Ohio through binding arbitration instead of through traditional court litigation. It highlights the key differences between arbitration and no arbitration scenarios, emphasizing the significance of adhering to the Federal Arbitration Act. This form is specifically designed for use by attorneys, partners, owners, associates, paralegals, and legal assistants working with consumers or retailers in home transactions. Users are instructed to complete the agreement contemporaneously with the sale contract and to maintain clarity regarding claims that are subject to arbitration. It specifies that disputes under $20,000 will be settled by a sole arbitrator, while those exceeding this amount require a panel of three arbitrators, all qualified in commercial law. The form also mandates the sharing of arbitration costs between parties and outlines the steps for initiating arbitration, including writing notices detailing the claims. Additionally, it clarifies that the agreement does not impede requests for consumer inspection by state agencies, allowing for informal dispute resolution before formal arbitration proceedings commence.