Official Summary

4/17/2007--Introduced.Fair Arbitration Act of 2007 - Requires a contract containing an arbitration clause, in order to be binding on the parties, to: (1) have a heading "ARBITRATION CLAUSE" printed in bold, capital letters; (2) state explicitly whether participation in arbitratio

Close

Official Summary

4/17/2007--Introduced.
Fair Arbitration Act of 2007 - Requires a contract containing an arbitration clause, in order to be binding on the parties, to:
(1) have a heading "ARBITRATION CLAUSE" printed in bold, capital letters;
(2) state explicitly whether participation in arbitration is mandatory or optional;
(3) identify a source that a consumer or employee can contact for additional information regarding the arbitration program; and
(4) provide notice that all parties retain the right to resolve a dispute in a small claims court for a claim of $50,000 or less. Entitles each party under arbitration to:
(1) a competent, neutral arbitrator and independent, neutral administration of the dispute;
(2) representation by an attorney or other representative at such party's expense;
(3) a fair arbitration hearing;
(4) a face-to-face hearing;
(5) the right to present evidence and cross examine witnesses;
(6) a written explanation of the basis for the arbitrator's decision; and
(7) the right to opt out of binding arbitration and into the small claims court (for claims of $50,000 or less). Prescribes procedures for complaints by any party of denial of rights by the other party or the arbitrator.


...Read the Rest