term inserted in a contract offering for compulsory arbitration in case of dispute as to righis or liabilities under it; ineffectual if it purports to oust the courts of jurisdiction totally. See Perry v. Cobb. 88 Me. 435, 34 Atl. 278; 49 L. R. A. 3*9.
Provision, contained in specific building, insurance, work, purchase, or any other forms of contracts, needing settlement of disputes through arbitration in the place of litigation. Usually the process becoming used in arbitration can also be set straight down in the same document.
a term in an agreement offering for arbitration of conflicts arising underneath the contract
Language offering a means of resolving differences between a reinsurer and the reinsured (or an insurer and an insured) without litigation. Typically, each celebration appoints an arbiter. Both arbiters choose a 3rd, or an umpire, and many choice of three becomes binding in the parties inside arbitration proceedings.