BINDING ARBITRATION CLAUSE IN CONSUMERS AGREEMENTS

Dukoski, Sasa (2016) BINDING ARBITRATION CLAUSE IN CONSUMERS AGREEMENTS. International Journal scientific papers, 2 (12). pp. 104-106. ISSN 1857-92

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Official URL: https://www.ikm.mk/12.2.pdf

Abstract

Arbitration is a well known and widespread method for resolving disputes. It is one of several kinds of alternative means of dispute resolution, which give the opportunity to the parties to settle the dispute by othermeans besides getting in court. Binding arbitration clauses can be found in almost every purchase agreement. You can find them in the contract for your mobile phone, in terms and conditions of your credit card as well as the contract that you signed when buying a car. By signing the contract you agree to waive your right to request court protection if you want to sue the company with which it concluded the contract. If the company sues you, you agree to accept all decisions made by the arbitral tribunal and thus waive your right to appeal. Binding arbitration clause significantly limits the options for resolving the dispute. Before a dispute arises you are "locked" in a binding arbitration clause for all future disputes or problems. The problem is the lack of opportunity for negotiations or even to reject the arbitration clause, and also by signing the contract it automatically comes to a waiver of the right to seek protection before a state court. This clause also states the institution will conduct the arbitration hearing if a dispute erupted.

Item Type: Article
Subjects: Scientific Fields (Frascati) > Social Sciences > Law
Divisions: Faculty of Law
Depositing User: Mr Mladen Kradzoski
Date Deposited: 26 Mar 2019 17:52
Last Modified: 11 Apr 2019 11:07
URI: http://eprints.uklo.edu.mk/id/eprint/1566

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