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An Arbitration Agreement is a document through which two parties decide to handle any disputes that may arise between them through binding arbitration. Binding arbitration is a dispute resolution mechanism that is out of the court system and run by either a single individual or three individuals. The individuals running the arbitration are called arbitrators. The arbitrators, whether one or three are generally either chosen by the parties or chosen by the American Arbitration Association, the main non-profit organization in the United States that assists with private arbitrations.
The parties entering into an Arbitration Agreement can have any relationship with each other. Often, Arbitration Agreements are used alongside other full, written contracts. Some examples of situations where Arbitration Agreements may be used include in employment (if the employment agreement does not already contain an arbitration provision) or in cases of joint ventures, through a Joint Venture Agreement or a Partnership Agreement, or with new LLC formation, alongside Articles of Organization.
In an Arbitration Agreement, the parties explicitly agree that no disputes between them will go through the traditional court system and instead will all be handled through binding arbitration. In other words, if, after signing an Arbitration Agreement, any party tries to bring a case in court, the court will not allow it and will instead kick out the case so it can go through arbitration. When parties sign an Arbitration Agreement, they entirely give up their rights to take their case to court.
How to use this document
This document can be used and filled out by either party looking to set out the terms of the mandatory arbitration.
In this document, only basic information will be asked of the parties, such as their names and identifying details, and then basic information about the nature of the legal relationship, such as whether another contract will be attached and where exactly the parties' relationship takes place.
After that, the document will self-populate with the needed information to create a binding Arbitration Agreement. When this document is filled out, it is a good idea to have parties sign it and each keep a copy.
Arbitration Agreements are subject to the United States Arbitration Act, 9 U.S.C. ch. 1, more commonly referred to as the Federal Arbitration Act.
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