Are there any special requirements for an arbitration agreement?
Yes, there are special requirements for an arbitration agreement in Oregon. Generally, in order to be valid, the agreement must be in writing, signed by both parties, and contain certain essential elements. First, the agreement must explicitly state that the parties are voluntarily agreeing to resolve their disputes through binding arbitration. Second, the agreement must identify the parties to the agreement, the subject matter of the dispute, and the remedies to be sought. Third, the agreement must identify a neutral arbitrator with no involvement in the dispute, or else provide for the selection of such a person. In addition to the essential elements of the agreement, Oregon requires that both parties to the agreement be given certain information prior to signing. This includes a disclosure of the cost of arbitration, the amount of any retainer or deposit to be paid, the manner in which the dispute will be arbitrated (for example, in-person hearings or based on written submissions only), and a description of the process for selecting an arbitrator. Finally, if the arbitration agreement is included in a written contract, the agreement must meet the other requirements of Oregon law, such as being signed by both parties. A signature page or other evidence of signature acknowledgment is also required. Overall, it’s important to make sure any arbitration agreement meets all of the requirements of Oregon law. Any errors or omissions in the agreement could result in the agreement being invalidated and the parties having to resort to traditional litigation to resolve their dispute.
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