Common use of ARBITRATION AND LITIGATION Clause in Contracts

ARBITRATION AND LITIGATION. Arbitration Disclosure: By applying for a Card, to the extent permitted by law you agree that if a dispute of any kind arises out of or relates to this Contract or your application for a Card, either you or Bank can choose to have that dispute resolved by binding arbitration as set forth in the Arbitration Provision below administered by the arbitration administrator the American Arbitration Association. If arbitration is chosen, it will be conducted pursuant to then applicable Commercial Arbitration Rules and the Supplemental Procedures for Consumer Related Disputes as applicable of the American Arbitration Association. The foregoing notwithstanding, the Bank shall not initiate an arbitration to collect a consumer debt, but reserves the right to arbitrate all other disputes with its consumer customers. IF ARBITRATION IS CHOSEN BY ANY PARTY WITH RESPECT TO ANY CLAIM, DISPUTE OR CONTROVERSY, NEITHER YOU NOR BANK WILL HAVE THE RIGHT TO LITIGATE THAT CLAIM IN COURT, OR HAVE A JURY TRIAL ON THAT CLAIM, OR TO ENGAGE IN PREARBITRATION DISCOVERY EXCEPT AS PROVIDED FOR IN THE APPLICABLE ARBITRATION RULES OR THIS ARBITRATION PROVISION. FURTHER, YOU WILL NOT HAVE THE RIGHT TO PARTICIPATE AS A REPRESENTATIVE OR MEMBER OF ANY CLASS OR CLAIMANTS WITH RESPECT TO ANY CLAIM SUBJECT TO ARBITRATION UNDER THIS ARBITRATION PROVISION. THE ARBITRATOR’S DECISION WILL GENERALLY BE FINAL AND BINDING. OTHER RIGHTS THAT YOU WOULD HAVE IF YOU WENT TO COURT MAY ALSO NOT BE AVAILABLE IN ARBITRATION. IT IS IMPORTANT THAT YOU CAREFULLY READ THE ENTIRE ARBITRATION PROVISION.