Oregon 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.

Oregon Arbitration Agreement — Existing Dispute is a legal contract entered into by parties involved in a pre-existing dispute in the state of Oregon. This agreement aims to settle the dispute outside the court, utilizing the process of arbitration. Arbitration is a form of alternative dispute resolution (ADR) where an impartial third party, known as an arbitrator, reviews the evidence and arguments presented by both parties and ultimately makes a decision that is binding on all parties involved. By choosing arbitration, the parties agree to forgo litigation and resolve their disputes in a more efficient and cost-effective manner. In Oregon, there are different types of arbitration agreements for existing disputes. One common type is binding arbitration. In binding arbitration, the decision made by the arbitrator is final and legally enforceable, leaving limited options for appeal. This type of arbitration is often chosen when the parties wish to achieve a timely resolution and avoid lengthy court proceedings. Another type of arbitration agreement commonly used in Oregon is non-binding arbitration. In non-binding arbitration, the decision made by the arbitrator serves as a recommendation rather than a final judgment. The parties are not obligated to accept the arbitrator's recommendation and can proceed to litigation if they are not satisfied with the outcome. The Oregon Arbitration Agreement also allows parties to define the rules and procedures that will govern the arbitration process. These rules may include the selection of the arbitrator, the timeline for submitting evidence and arguments, and the location of the arbitration hearings. By having the ability to shape the arbitration process, the parties can ensure that it aligns with their specific needs and concerns. Furthermore, the Oregon Arbitration Agreement may address other important elements such as confidentiality, costs, and the allocation of attorney fees. Parties can agree to keep the arbitration proceedings confidential, protecting sensitive information from public disclosure. They may also define how the costs of arbitration will be shared between the parties and whether the prevailing party will be entitled to reimbursement for its attorney fees. In conclusion, the Oregon Arbitration Agreement — Existing Dispute is a legal contract that allows parties involved in a pre-existing dispute to resolve their issues through arbitration rather than going to court. It offers the flexibility to choose between binding and non-binding arbitration and enables the parties to tailor the process to suit their specific needs. By signing this agreement, the parties agree to abide by the arbitrator's decision and achieve a swift and cost-effective resolution to their dispute.