Delete Pages From Legal Tennessee Arbitration Forms For Free

Commercial arbitration is a means of settling disputes by referring them to a neutral person, an arbitrator, selected by the parties for a decision based on the evidence and arguments presented to the arbitration tribunal.

This endorsement removes the title company's right to demand arbitration, as set forth in Section 13 (Arbitration) of the Conditions of the loan policy, when a dispute arises between the title company and its insured regarding a title policy that was issued in the amount of $2,000,000.00 or less.

Even if you don't currently have a dispute with the company, it is a good idea to opt out of the forced arbitration clause to preserve your options. You can always agree later to use an arbitrator to resolve any dispute. Moreover, if you have opted out, you will have more negotiating power if there is a problem.

Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court.

However, even if arbitration will be a benefit to you, I would recommend that if it is not too difficult, you should avoid signing arbitration agreements. Even if you have opted out of an arbitration agreement, you can often change your mind at a later date, and decide you want to arbitrate.

DELETION OF ARBITRATION PROVISION (T-7) It can be a quicker and cheaper means to settle a dispute with your Title Insurance Company. However, if you agree to arbitrate, you give up your right to take the Title Insurance Company to court and your rights to discovery of evidence may be limited in the arbitration process.