This Agreement is to insure that no dispute or controversy directly or indirectly concerning any matter relating to this Operating Agreement shall become the subject of court action, but that any dispute or controversy shall be presented to an Arbitration Panel, except as specifically set forth in this provision. The decision of the panel shall be final and binding as to all Parties and their privies without the right of appeal.
Virginia Arbitration
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US-OG-694
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FAQ
Arbitration is often chosen because it is usually cheaper and faster than going to trial. An arbitrator is an impartial third party, who has no other interest in the case. The role of an arbitrator is similar to that of a judge?hearing and reviewing evidence.
The Commission shall establish a schedule of fixed fees for the costs of arbitration. Except as provided in subsection D, such fees shall be divided equally among the parties to the arbitration.
The parties and arbitrators meet in person to conduct the hearing in which the parties present arguments and evidence in support of their respective cases. After the conclusion of the hearing, the arbitrators deliberate the facts of the case and render a written decision called an award.
Arbitration as a dispute resolution is used mostly in commercial disputes, consumer disputes, credit obligation disputes, and state or investor disputes. It can also be used to resolve disputes among the family, laborers, or workers. An arbitrator is an official person that will make the final decision.
Stat. Ann. § 731.401; SDCL § 55-1-54. Absent such a specific statutory provision, state and federal arbitration statutes provide that an arbitration clause is enforceable if contained in a contract or agreement.
Under Virginia law, parties to a dispute may agree to submit their differences to arbitration. Arbitration provides a fair, effective and expeditious complaint settlement procedure. It is a system of redress which provides an independent mechanism to resolve consumer-business disputes when other means fail.
