This form provides boilerplate contract clauses that outline requirements for arbitration under a contract. Several different language options representing various arbitration options and levels of restriction are included to suit individual needs and circumstances.
Alabama The Elements of an Arbitration Provision
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FAQ
In the event a dispute shall arise between the parties to this [contract, lease, etc.], it is hereby agreed that the dispute shall be referred to United States Arbitration & Mediation for arbitration in ance with United States Arbitration & Mediation Rules of Arbitration.
First, any valid arbitration agreement must reflect the conscious, mutual and free will of the parties to resort to arbitration and not to other means of dispute resolution, including State courts. The consent of both parties to submit their dispute to arbitration is the cornerstone of arbitration.
Arbitration agreements serve as the backbone of alternative dispute resolution, providing parties with a structured and efficient means of resolving disputes. The key elements within these agreements, including clarity, consent, scope, rules, and procedures, are essential for the successful execution of arbitration.
By signing a contract with an arbitration clause, parties agree to be bound by the decision of the arbitrator. For example, Company A contracts to purchase inventory parts from Company B, and the contract includes an arbitration clause.
The request for arbitration shall designate each party to the dispute and provide their contact information, including electronic mail address, street address and telephone number.
II. Common components of an arbitration clause An explicit referral of disputes to arbitration; The governing law of the arbitration agreement; The seat of arbitration; The rules governing the arbitration; The number of arbitrators and their method of selection (see Arbitrator appointment); and.
?Any dispute, controversy or claim arising out of or relating to this contract, or the breach, termination or invalidity thereof, shall be settled by arbitration in ance with the UNCITRAL Arbitration Rules as at present in force.?