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Dave Kennett
Dave Kennett, Lawyer (JD)
Category: Legal
Satisfied Customers: 27689
Experience:  25 years experience in general law, including real estate, criminal, traffic, and domestic relations
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I would like an explanaiton of the expression "...then obtaining

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I would like an explanaiton of the expression "...then obtaining of" as used in the last sentnece of the following:

Any and all disputes and controversies arising out of, or in connection with, this Agreement or with respect to the construction or interpretation hereof, or concerning the right of any one or more parties hereto, shall be determined by arbitration in New York City by three (3) arbitrators on an expedited basis and in accordance with the Commercial Arbitration Rules then obtaining of the American Arbitration Association.

Dave Kennett :

This means that if there is a dispute under the agreement or one of the parties allegedly breaches the agreement then rather than filing a suit the parties agree to arbitration and that the arbitration will be held in New York City. It is basically the same as when a contract state that the contract will be governed by the laws of a specific state or a contract states certain "liquidated" damages in the event of a breach.

Customer:

there is one other clasue I wish to understand:

Customer:

Judgment on any award rendered shall be binding upon the parties hereto and may be entered in any court of competent jurisdiction anywhere, including a direction for specific performance.

Dave Kennett :

This means that the parties agree that once an arbitration panel decides the case their decision can be filed in a court of general jurisdiction the same as any judgment from the court as a result of a trial. An order of specific performance is an order from the court or arbitration panel for one of the parties to do a certain thing, such as complete a purchase of real estate or complete a work order etc.

Customer:

Thank you! Very pleased!

Dave Kennett :

Thanks for using our service - Dave

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