Arbitrage Definition With Reference In Orange

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

Description

The Arbitration Agreement is a legal document executed in connection with the purchase of a manufactured home. It defines 'arbitrage' within the context of resolving disputes related to the sale or financing of the home. This agreement ensures that any claims stemming from the transaction, including issues of design, delivery, and financing, will be settled through binding arbitration rather than in court, thus waiving the right to a jury trial. Key features include the role of the American Arbitration Association in administering the arbitration process and guidelines on initiating arbitration through written notice. For claims under twenty thousand dollars, a single arbitrator is used, while larger claims require a panel of three arbitrators. This form is crucial for attorneys, partners, and legal assistants to understand the arbitration process, as it allows for a streamlined resolution to disputes. It benefits retailers and purchasers by providing clear instructions on the arbitration initiation process, ensuring all parties are aware of their rights and responsibilities. Both parties should retain a copy of the agreement as proof of understanding and consent.