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Arbitration Agreement

This Agreement is made on [Insert Date], between [Insert Name of First Party Agreeing to Arbitration] of [Insert Address of First Party], hereinafter referred to as “First Party” and [Insert Name of Second Party Agreeing to Arbitration] of [Insert Address of Second Party], hereinafter referred to as “Second Party.”

 

WHEREAS, the business relationship between the parties commenced as defined in the original business contract, namely [Insert Name of Contract], which is attached and incorporated herein;

AND WHEREAS disputes and differences have arisen between the parties;

AND WHEREAS the parties recognize that litigation in court can be time consuming and expensive;

AND WHEREAS the parties have appointed [Insert Arbitrator’s Name] as their arbitrator.

 

NOW IT IS AGREED BETWEEN THE PARTIES HERETO AS FOLLOWS:

 

The parties hereto agree to refer the following matters and responsibilities to the Arbitrator:

 

  • To resolve all disputes and differences under the original contract
  • To review the terms of the contract and determine the amount payable by one party to the other, if any
  • To make provisions for the payment of debts and liabilities of the business including income tax liabilities

 

In the event there are any disputes or controversies that arise between the parties pursuant to the terms of the aforesaid Contract, then the parties are waiving their right to litigate these issues in court and instead elect to have these disputes resolved through arbitration.

 

The parties agree that any disputes are to be arbitrated through the American Arbitration Association and that the parties agree to abide by the rules of the Commercial Arbitration Rules of the American Arbitration Association.

 

WHEREFORE, it is agreed that all claims and disputes arising or relating to the Contract are to be settled by binding arbitration in the State of [Insert State Here]. Said arbitration is to be resolved through the Commercial Arbitration Rules of the American Arbitration Association and the parties agree to abide by these rules.

 

Any decision or award as a result of any such arbitration shall be issued in writing and the arbitrator shall be mutually selected pursuant to the Commercial Arbitration Rules of the American Arbitration Association.

 

Any arbitration award may be confirmed in a court of competent jurisdiction.

 

This Agreement shall be signed by [Insert Name Here], [Insert Title Here] on behalf of [Insert Name of First Party Agreeing to Arbitration] and by [Insert Name Here], [Insert Title Here] on behalf of [Insert Name of Second Party Agreeing to Arbitration].

 

 

By: ___________________________________ Date: __________________
[Insert Name of First Party Agreeing to Arbitration]

 

By [Insert Name], its [Insert Title]

 

 

By: ___________________________________ Date: __________________
[Insert Name of Second Party Agreeing to Arbitration]

 

By [Insert Name], its [Insert Title]