New York Arbitration Agreement - Existing Dispute

• Category: Arbitration and Mediation - Arbitration
• State: Multi-State
• Control #: US-00416-3
• Format: Word; Rich Text

Description

This arbitration agreement is executed between the parties and they agree to submit their dispute to arbitration. The parties agree that the dispute shall be submitted to binding arbitration under the rules of an arbitrator or Arbitration Association associate selected by the parties. If the parties cannot agree on an arbitrator or the applicable rules, the dispute shall be arbitrated by the American Arbitration Association and be governed by the rules of the American Arbitration Association at the request of either party.

A New York Arbitration Agreement — Existing Dispute refers to a legally binding contract entered into between two or more parties who are involved in an ongoing or existing dispute. This agreement sets out the terms and conditions under which the parties agree to settle their dispute through arbitration instead of going to court. Arbitration is a form of alternative dispute resolution (ADR) where the parties agree to have their case decided by an impartial third-party arbitrator or a panel of arbitrators, rather than a judge or jury. It is a private and confidential process, typically less formal and more streamlined than a traditional court litigation. The arbitrator's decision, known as an award, is legally binding on the parties involved. The New York Arbitration Agreement — Existing Dispute is based on principles outlined in the Federal Arbitration Act (FAA), which governs and supports arbitration agreements within the United States. Under this agreement, the parties waive their right to a trial by jury and agree to submit their dispute to arbitration. There are different types of New York Arbitration Agreement — Existing Dispute, such as: 1. Single Arbitrator Agreement: This type of agreement states that a single arbitrator will be selected to hear and decide the dispute. The parties usually have the flexibility to agree on the selection process for the arbitrator, such as appointing a mutually agreed-upon arbitrator or using an arbitration institution to appoint one. 2. Panel Arbitration Agreement: In this type of agreement, the parties agree that their dispute will be heard and decided by a panel of three arbitrators. Each party may select one arbitrator, and the two selected arbitrators will then appoint the third one, who will act as the chairperson of the panel. The New York Arbitration Agreement — Existing Dispute typically includes important clauses and provisions that govern the arbitration process, such as: — Agreement to arbitrate: This clause states the parties' explicit agreement to resolve their dispute through arbitration instead of litigation. — Choice of arbitration rules: The agreement may specify the arbitration rules that will govern the process, such as the American Arbitration Association (AAA) or the International Chamber of Commerce (ICC) rules. — Seat and governing law: The agreement may designate the specific location or seat of the arbitration and the governing law that will apply during the arbitration proceedings. — Arbitrator selection process: The agreement may outline the process for selecting the arbitrator(s), including any qualifications or requirements. — Hearing procedure: This clause may determine the procedural aspects of the arbitration, such as the place and manner of hearings, submission of evidence, and timelines. — Award and enforcement: The agreement will address the issuance and enforcement of the arbitrator's final award, including the potential for judicial review or appeal. — Costs and fees: The agreement may specify how the costs of the arbitration, including arbitration fees, arbitrator fees, and legal expenses, will be allocated among the parties. In summary, a New York Arbitration Agreement — Existing Dispute enables parties involved in an ongoing dispute to voluntarily agree to resolve their differences through private and impartial arbitration. It offers a flexible, efficient, and confidential means of settling disputes, ensuring finality and enforceability of the arbitrator's decision.