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Form #787

Arbitration Agreement - Accounts

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Arbitration Agreement - Accounts (free form to use)

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Accounts.

Differences have arisen between the undersigned as to whether there is anything due and unpaid to _________, of _________, by _________, of _________, growing out of the contract of _________, 19__, between them.

Each party is anxious to adjust these differences and to prevent their occurrence in the future and to prevent litigation.

It is therefore agreed by and between the undersigned:

1. _________ agrees, on or before _________, 19__, to submit to _________ an itemized statement of his alleged claims of indebtedness of every name and nature, growing out of the contract between them, dated _________, 19__, and _________ agrees to examine the statement or account, and to report on it to _________, within _________ days from its presentation to him [her, it] as provided above.

Upon the report of _________, if the parties cannot agree, the disputed items are to be submitted to _________, of _________, and _________, of _________, as arbitrators, and if they fail to agree, they are to select a third arbitrator, the decision of the majority to be final in each case.

2. _________ further agrees to furnish to _________, on or before the _________ of each month beginning _________, 19__, a statement of all indebtedness he claims up to the _________ of the preceding month, _________ to examine and report on it to _________ within _________ days from receipt. Any disputed items to be arbitrated as before, the expense of the arbitration provided for is to be shared and paid equally by _________ and _________. In case either of the arbitrators named fail, refuse, or are unable to act, a successor is to be designated promptly.

This agreement to remain in full force and effect until the expiration of the contract of _________, 19__, between the parties, and to apply to all matters growing out of it.



 
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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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