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.
While it's not mandatory to have a lawyer, it can be very helpful to have legal representation to navigate the arbitration process effectively.
Once arbitration is concluded, it's tough to challenge the decision in court, unless there are specific legal grounds to do so.
To initiate arbitration, you typically need to notify the other party and select an arbitrator as specified in the agreement.
Generally, if you agree to arbitration, you waive your right to go to court for the issues covered by the agreement.
Yes, decisions made in arbitration are usually final and legally binding, just like a court ruling.
Arbitration can often be a quicker and less formal way to settle disputes compared to traditional court proceedings.
The Tucson Arizona OEM Arbitration Agreement is a contract that outlines how disputes between parties will be resolved through arbitration instead of going to court.