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.
Virginia Arbitration Agreement
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State:
Multi-State
Control #:
US-00416-1
Format:
Word;
Rich Text
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FAQ
To enforce the right to arbitrate, the party must then file a motion to stay the lawsuit in favor of arbitration. If both parties to the agreement ignore the right to arbitrate, the right is waived.
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.
Is arbitration legal? Yes. The Federal Arbitration Act, or FAA, was passed in 1925 in response to a variety of court decisions that held arbitration agreements unenforceable. This law provides that arbitration agreements are generally valid and enforceable.
The Arbitration Act does not provide for third parties or non-signatories to be bound by an arbitration agreement. An arbitration agreement remains valid even if the underlying contract has been assigned to a third party.
In Virginia, arbitration agreements are binding on all the parties involved. Any issue that two individuals decide on during arbitration will be upheld by the court.
Unconscionable Arbitration Agreements Will Not Be Enforced You can also escape an arbitration agreement by demonstrating that the terms of the agreement itself are inherently unequal in favor of the employer. Courts require both of the aforementioned methods to show the agreement is unconscionable, thus unenforceable.
Virginia Has Adopted the Uniform Arbitration Act Code §8.01-581.01 specifies that if parties agree in writing to submit an existing or future controversy to arbitration, that agreement is considered valid, enforceable and irrevocable unless there are contractual grounds that would make it unenforceable.
As a form of alternative dispute resolution, arbitration proceedings can either be binding or non-binding. The former simply means the decision is final and enforceable, while the latter that the arbitrator's ruling is advisory and can only be applied if both parties agree to it.