This form is an Arbitration Reference Clause usable to compel arbitration in contracts where licensing, patents, or commercial trade secrets are a factor.
An "Arkansas Arbitration Reference Clause" refers to a specific provision that is commonly included in contracts or agreements in the state of Arkansas as a means of resolving disputes. The clause stipulates that any potential disagreements or legal conflicts arising from the contract's terms and conditions will be settled through arbitration rather than traditional litigation in court. Arbitration is a form of alternative dispute resolution where the parties involved agree to submit their dispute to a neutral third party, known as an arbitrator, who acts as a private judge. The arbitrator's decision, known as an award, is legally binding and enforceable. Keywords: Arkansas, Arbitration Reference Clause, contracts, agreements, disputes, alternative dispute resolution, litigation, court, arbitration, arbitrator, award, binding, enforceable. There are different types of Arkansas Arbitration Reference Clauses that can be incorporated into contracts depending on the parties' preferences and the nature of the agreement. Here are a few common variations: 1. Binding Arbitration Clause: This type of clause specifies that the arbitration decision is final and binding. Once the arbitrator issues the award, the parties must comply with it and cannot pursue further litigation. 2. Non-binding Arbitration Clause: In contrast to the binding clause, this provision allows the parties to pursue litigation if either party is dissatisfied with the arbitration decision. The arbitration serves as a non-binding method to attempt to resolve the dispute before resorting to court proceedings. 3. Single Arbitrator Clause: This clause outlines that a single arbitrator will preside over the arbitration proceedings. The parties mutually agree on this arbitrator, or in cases of disagreement, they may select an arbitrator from an arbitration organization. 4. Multi-Arbitrator Clause: Instead of a single arbitrator, this clause establishes a panel of multiple arbitrators who will hear the dispute. The number of arbitrators, typically an odd number, is agreed upon by the parties or specified by an arbitration organization. 5. Institutional Arbitration Clause: This type of clause designates that the arbitration proceedings will be conducted under the rules and procedures of a specific arbitration institution, such as the American Arbitration Association (AAA) or JAMS. These institutions provide established guidelines and regulations for arbitration. 6. Ad Hoc Arbitration Clause: In contrast to an institutional clause, an ad hoc arbitration clause states that the arbitration proceedings will be conducted without adhering to any specific arbitration institution's rules. The parties have greater flexibility in determining the procedure and rules that will govern their arbitration. Keywords: Binding, Non-binding, Single Arbitrator, Multi-Arbitrator, Institutional, Ad Hoc, arbitration provision, arbitration clause. When considering including an Arkansas Arbitration Reference Clause in a contract, it is vital to consult with an attorney or legal advisor specializing in arbitration and contract law to ensure the clause is properly drafted and appropriate for the specific agreement at hand.
