- Published on
Legal Terms - Arbitration Agreement
An agreement to resolve a current or future legal disagreement through arbitration. There are two types of agreements: those that relate to something and those that do not.
The existing issue will be submitted to arbitration, as well as any future conflicts that may arise. The second form is significantly more prevalent. The agreement does not require a specific format, but it should specify the location of arbitration and either designate the arbitrator(s) or outline the process for appointing them if the parties cannot reach an agreement. The agreement should include outline the protocol for selecting an umpire in the event that two arbitrators are involved and are unable to reach a consensus.
An agreement to resolve a current or future legal disagreement through arbitration. There are two types of agreements: those that relate to something and those that do not.
The existing issue will be submitted to arbitration, as well as any future conflicts that may arise. The second form is significantly more prevalent. The agreement does not require a specific format, but it should specify the location of arbitration and either designate the arbitrator(s) or outline the process for appointing them if the parties cannot reach an agreement. The agreement should include outline the protocol for selecting an umpire in the event that two arbitrators are involved and are unable to reach a consensus.
0 Comments