VOLUNTARY ARBITRATION AGREEMENT FOR BINDING ARBITRATION
In this Arbitration Agreement the term "you" refers to the purchaser of construction materials and services who sign below. The term "we" refers to ________________(Contractor). By signing this Arbitration Agreement, you and we agree to submit our disputes to arbitration. By agreeing to submit our disputes to arbitration, you and we voluntarily give up the right to go to court and the right to a jury trial.
The Arbitration Agreement shall apply to any "dispute" arising between the parties arising out of purchase of construction materials and services ___________________________. "Disputes" shall also include any disputes relating to contractor service contracts purchased or provided at the time the parties executed the construction agreement with exception of disputes alleging criminal violation. In addition, the term "dispute" includes any question regarding whether a matter is subject to arbitration under the Arbitration Agreement.
This Arbitration Agreement is entered into voluntarily and has been read and understood by all parties. The Arbitration Agreement is incorporated into and made a part of any and all agreements or contracts between the parties executed on or about the date shown or any related agreements or contracts entered into, before, on or after the date. This Arbitration Agreement shall survive the expiration or voiding of any such other agreements or contracts.
If either party to this Arbitration Agreement files a lawsuit in contravention of this Arbitration Agreement and refuses to voluntarily withdraw such suit upon receiving notice by the other party of the obligation to arbitrate, then the party seeking to compel arbitration shall be entitled to reasonable attorneys' fees incurred in compelling arbitration.
An award by the arbitrator shall be final and binding on all parties. Judgment on the award may be entered by either party in the highest local, state or federal court. The arbitrator's decision or award shall be based on application of fairness and relevant law.
Unless otherwise indicated by the parties in the place provided below, the arbitration forum agreed by the parties shall be The Better Business Bureau of Chicago and Northern Illinois, Inc. (BBB). The main office is located at 330 N. Wabash, Suite 2006, Chicago, Illinois 60611. The phone number is 312-832-0500. The arbitration will be resolved by binding arbitration by a single arbitrator. All arbitrations are held according to the applicable BBB/Chicago binding arbitration rules. (If other arbitration organization is selected then according to their rules). Hearings may be held at various locations to assist in accommodation of the parties. The arbitrator shall be selected by the BBB from its list of arbitrators. BBB fees for the arbitration process shall be paid by the parties as follows: _____________________ ____________________________.
One or more of the parties to this agreement is or may be a member of the BBB. It is agreed by all parties that the BBB is an ethical, fair, trustworthy and unbiased organization able to fairly provide the above arbitration services.
BY VOLUNTARILY SIGNING BELOW THE PARTIES ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THE ARBITRATION AGREEMENT AND AGREE TO ITS TERMS.
||Arbitration Organization Other |
Than The Better Business Bureau
Of Chicago and Northern Illinois
NOTE: This is only a suggested form of agreement. Any final forms used should be
checked by and discussed with your attorney. The BBB provides no legal advice.