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Report on Arbitration Clause

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Added on  2020-04-21

Report on Arbitration Clause

   Added on 2020-04-21

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Running head: COMMERCIAL LAW1ArbitrationName:Institution:Date:
Report on Arbitration Clause_1
COMMERCIAL LAW2Question 1An arbitrator is a person who is chosen to settle differences or disputes, and he should be formally empowered to examine, evaluate facts and make a decision on the issue. Parties in adispute may waive statutory remedies in favor of arbitration. Arbitration clause is enforced bythe court when provisions of the contract satisfy the following ; First, it contains a language that reflects a general understanding of the claim types represented in the waiver. Second, provide that, by signing, the arbitrator agrees to mediate all statutory claims that arises out of the relationship, or any dispute or claim based on state or federal statute(Willy & Willy, 2010).A party does not relinquish substantive rights afforded by the statute when it agrees to arbitrate statutory claim. It only presents to their resolution in an arbitral rather than judicial. However, by agreeing to arbitrate the parties are not limited to pursue the statutory remedy ofcost and fees for attorneys or treble damages when available to prevailing parties.A party claiming waiver should prove that the waiving party understood of the existing right to arbitrate and based on the circumstances, they acted erratically with that known right. There are factors that the court considers when determining if the totality of the circumstances supports a finding of waiver (Bradgate, White & Llewelyn, 2012). The factors are; first, whether a courts jurisdiction was invoked by placing a claim without requesting a stay first or by filing a complaint. Second, whether there is delay by the party seeking arbitration to request a stay. Third, the level of participation in a litigation by the party seeking to participate in the litigation. Fourth, whether there has been previous inconsistent acts the the party seeking arbitration. These are some of the reasons why one party in the arbitration cannot waiver substantive rights during arbitration.
Report on Arbitration Clause_2

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