Arbitration Agreement Establishes a method for dispute resolution through arbitration rather than the court system.
This Arbitration Agreement (the "Agreement") is entered into by and between GlobalTech Solutions Inc. ("GlobalTech"), a company incorporated under the laws of the United States, and Silverline Enterprises LLC ("Silverline"), a limited liability company formed under the laws of the United States (collectively, the "Parties") on the date of full execution of this Agreement by both Parties.
1.1. Scope of Disputes
All disputes, controversies, or claims arising out of or relating to any relationships, contractual or otherwise, between GlobalTech and Silverline, including but not limited to disputes concerning the formation, interpretation, performance, or termination of any contractual or other agreement(s) between the Parties (collectively, "Disputes"), shall be exclusively resolved by binding arbitration in accordance with the terms and conditions of this Agreement.
2.1. Arbitration Rules
Any arbitration initiated pursuant to this Agreement shall be conducted under the commercial arbitration rules of the American Arbitration Association ("AAA Rules"), which are deemed to be incorporated by reference into this Agreement, as such rules are in effect at the time of commencement of the arbitration.
2.2. Selection of Arbitrator
The arbitration shall be administered by the American Arbitration Association and decided by a single arbitrator appointed in accordance with the AAA Rules. The Parties may seek the appointment by the AAA of a short-list of potential arbitrators to facilitate agreement on the choice of arbitrator. If the Parties are unable to agree on the choice of arbitrator within twenty (20) business days from the receipt of the short-list, the appointment shall be made by the AAA in accordance with the AAA Rules.
2.3. Language of Arbitration
The language to be used in the arbitration shall be English, unless otherwise agreed upon by the Parties.
The arbitration shall be held at a location mutually agreed upon by the Parties, provided that if no such agreement is reached within thirty (30) days of the commencement of the arbitration, the arbitration shall take place in New York, New York, United States.
4.1. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the United States, without regard to conflict of law principles.
4.2. Agreement to Arbitrate
The Parties hereby irrevocably submit to the exclusive jurisdiction of arbitration in accordance with this Agreement for the resolution of any Dispute, and they expressly waive any objection to the jurisdiction or venue of such arbitration or the right to trial by jury or any right to appeal.
4.3. Award
The arbitrator shall have the authority to award any remedy or relief that a court of competent jurisdiction could order or grant, including, without limitation, the issuance of an injunction or an award of specific performance. The award by the arbitrator shall be final and binding upon the Parties and may be entered and enforced in any court having jurisdiction.
4.4. Confidentiality
Both Parties shall maintain the confidentiality of any information exchanged during the arbitration process and the result of the arbitration, except as may be necessary to comply with legal or regulatory requirements or to enforce the award.
The Parties shall bear their own costs and expenses (including attorneys' fees) incurred in connection with the arbitration. The arbitrator shall have the authority to allocate costs and expenses among the Parties and shall have the discretion to order the losing Party to reimburse the prevailing Party for its reasonable attorneys' fees and costs incurred in connection with the arbitration.
6.1. Severability
If any provision of this Agreement is held to be invalid, illegal, or unenforceable, that provision shall be construed as narrowly as possible to the minimum extent necessary, and the remaining provisions shall not be affected and shall remain in full force and effect.
6.2. Amendment
This Agreement may be amended or modified only by a written document signed by both Parties.
6.3. Counterparts and Electronic Execution
This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. Facsimile and electronic signatures shall have the same force and effect as original signatures.
IN WITNESS WHEREOF, and intending to be legally bound, the Parties have executed this Agreement as of the date last written below.
GLOBALTECH SOLUTIONS INC.
___________________________
Name:
Title:
Date:
SILVERLINE ENTERPRISES LLC
___________________________
Name:
Title:
Date:
In this Arbitration Agreement, you will see the following sections:
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