Definitions for "Arbitration Clause"
A clause within a reinsurance agreement providing that if the ceding company and the reinsurer fail to agree, then they select neutral arbitrators with the authority to bind both parties to a solution. Generally, this is in lieu of a judicial settlement.
The clause in an insurance policy that spells out how disagreements over a claim are settled.
Arbitration is the word used when a buyer and seller cannot come to an agreement on a said problem after the point of sale. If an arbitration agreement was in acted during the original signing of the sales agreement, an arbitrator which is a neutral party will be used to hear both sides of the conflict an reach a decision. The arbitrators decision stands and constitutes a binding settlement.
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