Arbitration Forums Rules In Tarrant

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

Description

The Arbitration Agreement outlines the terms under which disputes arising from the sale, purchase, or financing of a manufactured home are resolved through binding arbitration, governed by the Federal Arbitration Act and the rules of the American Arbitration Association (AAA). Key features include the binding nature of the arbitration for all involved parties, the requirement for written notice to initiate arbitration, and the stipulation that all arbitration costs will be equally shared. For claims under $20,000, a single arbitrator is appointed, while claims above that amount will involve a panel of three arbitrators, all trained in commercial law. Importantly, this agreement prevents parties from pursuing court trials, requiring them to resolve disputes through arbitration instead. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this form utility significant as it streamlines dispute resolution, clarifies the arbitration process, and ensures that disputes can be handled efficiently without litigation. It is essential for legal professionals to guide their clients through completion and understanding of the agreement's implications, including their rights and obligations under the arbitration process.