Additional Arbitration Terms Clause Samples
The "Additional Arbitration Terms" clause sets out supplementary rules or procedures that apply to arbitration proceedings beyond the standard arbitration agreement. These terms may address issues such as the selection of arbitrators, the location of hearings, confidentiality requirements, or specific timelines for the arbitration process. By providing these extra details, the clause ensures that both parties have a clear understanding of how arbitration will be conducted, reducing uncertainty and potential disputes about procedural matters.
Additional Arbitration Terms. To the extent permitted by law: (a) arbitration will be conducted by a single arbitrator and in the English language; (b) each party to the arbitration will pay its own costs and expenses (including attorney’s fees) in connection with the arbitration; (c) the arbitrator’s fees and the administrative expenses of the arbitration will be paid equally by the parties thereto; (d) the arbitrator will not have the power to award punitive damages; and (e) the prevailing party will be entitled to an award of its reasonable attorneys’ fees and costs associated with the arbitration. An arbitration award will be enforceable in a court of competent jurisdiction over the parties.