A clause in a sales contract outlining the method under which disputes will be settled.
a clause in a contract providing for arbitration of disputes arising under the contract
a section of the initial contract that allows the creditor to choose where claims will be decided and who will decide them
a subset of a forum selection clause
Clause of a policy that provides that if a policyholder and the company cannot agree on the amount of a claim settlement, each appoints an appraiser. The appraisers select a neutral umpire. When at least two of the three, appraisers and umpire, agree on the settlement amount, it is binding on both the insured and the insurer.
Clause which provides a means for settling disputes between the insured and the insurer.
In your property insurance contract, the arbitration clause provides a means for settlement when you and your insurer cannot agree on an acceptable claim payment. A representative of each party makes their case to a neutral arbitrator. The arbitrator makes a final, binding decision after hearing all of the facts presented.
An agreement incorporated in a sales contract that provides for settlement of disputes by the use of arbitration.
Language in most policies of insurance providing that, in the event the company and the claimant are unable to agree on the amount due after loss, the matter shall be submitted to disinterested parties for solution. One party is appointed by the insured, one by the company, and two appointed arbitrators then picked a third, the "umpire".
policy language that requires parties to arbitrate dispute if insurance company and insured do not agree on whether the insurance company is obligated to make payment or the amount of that payment. Such a provision in a Maryland auto insurance policy is invalid and unenforceable. Md. Insurance Code Ann. §19-509(j). Langston v. Allstate Ins. Co., 40 Md. App. 414 (1978).
A provision in a contract in which the parties agree to arbitrate disputes. Most contracts between insurers and reinsurers contain an arbitration clause.
In a property insurance contract, a clause that provides that if the policyholder and the company cannot agree on the settlement amount on a claim, they both select a neutral arbitrator. Any differences between the arbitrators are submitted to an umpire. The amount agreed to by any two of the three will be the amount of reimbursement.
Language providing a means of resolving differences between the reinsurer and the reinsured without litigation. Usually, each party appoints an arbiter. The two thus appointed select a third arbiter, or umpire, and a majority decision of the three becomes binding on the parties to the arbitration proceedings. A-H · I-Q · R-Z
This clause is found in the Conditions of many property policies. Any difficulty that the insurer and insured may have in agreeing on the amount of a claim can be referred to independent arbiters rather than going through the Courts.
The provision in a Property Insurance contract which states that if the insurer and insured cannot agree on an appropriate claim settlement, each will appoint an appraiser, and these will select a neutral umpire. A decision by any two of the three prescribes a settlement and binds both parties to it.
A contractual provision of a contract, agreement or other document that specifies binding arbitration, non-binding arbitration or med-arb as the dispute mechanism to settle any dispute relating to the contract, addendums to the contract, change orders or any other change to the primary contract.
Refers to a clause in a property insurance policy that states that in the event that an Insured and the Insurer cannot agree of the amount of a loss settlement that each party will appoint its own appraiser.
In your property insurance contract, the arbitration clause provides a means for settlement when you and your insurer cannot agree on an acceptable claim payment. Appraisers representing each party select a neutral arbitrator; a judgment by any two of these three constitutes a binding settlement.
A clause in a policy providing that certain differences which may arise between the parties shall be determined by arbitrators chosen in some specified way.
A clause in a contract whereby the parties to the contract agree to arbitrate (sort out) a dispute using an arbitrator instead of going through an official court proceeding.
A clause in a contract that requires all parties to agree to a third party for arbitration regarding any disputes.
a provision in some insurance policies specifying the procedure through which the company and the insured will settle coverage disputes. This type of provision is broader in scope than an APPRAISAL clause, which only deals with VALUATION disputes.
A standard clause to be included in the contracts of exporters and importers, as suggested by the American Arbitration Association. It states that any controversy or claim will be settled by arbitration in accordance with the rules of the American Arbitration Association.
The provision in an agreement or contract which provides for private dispute resolution outside of formal court procedures.
An arbitration clause is a commonly used 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 of the courts, and is therefore considered a kind of forum selection clause.