Common use of ARBITRATION AGREEMENT AND CLASS ACTION WAIVER Clause in Contracts

ARBITRATION AGREEMENT AND CLASS ACTION WAIVER. You agree that any action, dispute, claim, or controversy of any nature that arises between you and the Credit Union, whether relating to this Agreement or any other dealing with the Credit Union, other than claims properly filed in small claims court, will be subject to and resolved by binding arbitration pursuant to the Commercial Arbitration Rules of the American Arbitration Association upon written request by either party at any time before, or within 90 days after, proper service of a formal claim. Arbitration shall proceed solely on an individual basis, without the right to arbitrate on a class action basis or in a representative capacity. The results of any arbitration shall have no preclusive effect on any dispute with anyone who is not a named party to the arbitration. Any award or order rendered by the arbitrator may be confirmed as a judgment or order in any state or federal court of competent jurisdiction.