This form is an Arbitration Agreement. The form provides that each party will appoint one person to hear and determine the dispute within twenty days after receipt of notice of arbitration from the noticing party. The costs of the arbitration will be absorbed by the losing party or will be allocated between the parties in such proportions as the arbitrators decide.
Common disputes under this agreement might include those related to contracts, warranties, and product issues, among others.
Participation is typically mandatory if you signed an agreement that includes an arbitration clause, meaning disputes will be handled through arbitration instead of the courts.
While you don’t have to have a lawyer for arbitration, it’s often a smart move to have legal advice to help you navigate the process.
Generally, arbitration decisions are final and not subject to appeal, which is why it’s important to choose your arbitrator wisely.
In arbitration, a neutral third party, known as an arbitrator, hears both sides and then makes a binding decision.
Arbitration can be quicker and more straightforward than court. It often allows for a more personalized and flexible resolution process.
The OEM Arbitration Agreement is a legal contract that outlines how disputes between parties will be resolved outside of the courtroom, specifically through arbitration.