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In contract law, an arbitration clause is a clause in a contract that requires the parties to resolve their disputes through an arbitration process. Although such a clause may or may not specify that arbitration occur within a specific jurisdiction, it always binds the parties to a type of resolution outside the courts, and is therefore considered a kind of forum selection clause.
“This contract is governed by the UNIDROIT Principles of International Commercial Contracts 2016”; in practice such a clause is often combined with an arbitration clause). The UNIDROIT Principles were first released in 1994, with enlarged editions published in 2004, 2010, and most recently in 2016 (including issues related to long-term ...
For example, in disputes on a contract, a common defence is to plead the contract is void and thus any claim based upon it fails. It follows that if a party successfully claims that a contract is void, then each clause contained within the contract, including the arbitration clause, would be void.
In contract law, a forum selection clause (sometimes called a dispute resolution clause, choice of court clause, governing law clause, jurisdiction clause or an arbitration clause, depending upon its form) in a contract with a conflict of laws element allows the parties to agree that any disputes relating to that contract will be resolved in a specific forum.
The contract regarding which the dispute exists, must either contain an arbitration clause or must refer to a separate document signed by the parties containing the arbitration agreement. The existence of an arbitration agreement can also be inferred by written correspondence such as letters, telex, or telegrams which provide a record of an ...
JP Morgan Chase became the first bank to drop its arbitration clause from its credit card contracts, so Chase credit card holders will have the right to go to court to dispute a problem with its ...
The first example of such a carve-out was the Motor Vehicle Franchise Arbitration Act, signed into law in 2002, which nullified arbitration clauses in car dealership franchise contracts. [ 112 ] : 248 Subsequent legislation carved-out disputes involving high-interest loans to military members, poultry and livestock farmers, and defense ...
In Anderson v. Credit One Bank, Case No. 16-2496 (2d Cir., March 7), the U.S. Court of Appeals for the Second Circuit affirmed decisions of both the District and Bankruptcy Courts for the Southern ...
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