This arbitration agreement is executed contemporaneously with, and as an Inducement and consideration for, an Installment or sales contract for the purchase of a manufactured home. It provides that all claims or disputes arising out of or relating in any way to the sale, purchase, or occupancy of manufactured home resolved by binding arbitration administered by the American Arbitration Association ("AAA") under its Commercial Arbitration Rules. This Agreement is an election to resolve claims, disputes, and controversies by arbitration rather than the judicial process. The parties waive any right to a court trial.
Arbitration Definition With Example In Texas
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US-00416-1
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Arbitration is when the parties to a dispute agree to let a neutral third partyan arbitratorhear the case and decide on a binding decision. Arbitration is a form of legal conflict resolution.It is a dispute resolution alternative similar to mediation or conciliation. In order to proceed with case administration, the ICDR® must verify, on a threshold level, whether we have the administrative jurisdiction. Unlike litigation in court, arbitration is a creature of contract. Arbitration offers an alternative approach where both parties involved in a legal dispute maintain their respective family lawyers. Arbitration is a alternative dispute resolution (ADR) in which an arbitrator renders a decision to resolve a dispute between parties.