Common use of Commencement of Arbitration Proceedings Clause in Contracts

Commencement of Arbitration Proceedings. The party filing a claim in arbitration must select either one of the following two national arbitration administrators: Judicial Arbitration and Mediation Services, Inc. (“JAMS”) or American Arbitration Association (“AAA”). Once you initiate the arbitration, you must notify us in writing at NewBank, Attention: Legal, 000-00 Xxxxxxxx Xxxx. Flushing, NY 11354. If we file a claim in arbitration, we will notify you in writing at your last known address on file. A copy of the arbitration rules for the two arbitration administrators as well as additional information about initiating arbitration can be obtained by contacting the administrators: JAMS: Toll free phone at 000-000-0000, website xxx.xxxxxxx.xx, or; AAA: Toll free phone at 000-000-0000, website xxx.xxx.xxx The arbitration shall be conducted in the same city as the U.S. District Court closest to the branch where your account is held at the time the claim is filed unless the parties agree to a different location in writing.