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

ARBITRATION AND WAIVER OF CLASS ACTION. Please read this Arbitration and Waiver of Class Action section carefully. If you and USB are unable to resolve a dispute, you and USB agree that upon election by either you or USB, any Covered Claim shall be resolved by arbitration on an individual basis according to the terms of this Arbitration and Waiver of Class Action section. Accordingly, you agree to waive your right to a trial by a judge or jury or to participate in a collective or class action against us in connection with any Covered Claim. This Arbitration and Waiver of Class Action section shall be governed by the Federal Arbitration Act, and to the extent that local law applies, by the laws of the State of Nevada. If, according to our records, you opted-out of arbitration for your Account prior to the effective date of this Agreement, this Arbitration and Waiver of Class Action section does not apply to your Account. What is arbitration? Which claims or disputes are subject to arbitration? Is there an alternative to arbitration? Who administers the arbitration? How does arbitration start? Who pays the Administrator’s fees? Where will the arbitration take place? How does the arbitration work? Can a decision by the arbitrator be appealed? What is the waiver of class action?

ARBITRATION AND WAIVER OF CLASS ACTION. Please read this Arbitration and Waiver of Class Action section carefully. If you and USB are unable to resolve a dispute, you and USB agree that upon election by either you or USB, any Covered Claim shall be resolved by arbitration on an individual basis according to the terms of this Arbitration and Waiver of Class Action section. Accordingly, you agree to waive your right to a trial by a judge or jury or to participate in a collective or class action against us in connection with any Covered Claim. This Arbitration and Waiver of Class Action section shall be governed by the Federal Arbitration Act, and to the extent that local law applies, by the laws of the State of Nevada. If, according to our records, you opted-out of arbitration for your Account prior to the effective efective date of this Agreement, this Arbitration and Waiver of Class Action section does not apply to your Account. What is arbitration? Which claims or disputes are subject to arbitration? Is there an alternative to arbitration? Who administers the arbitration? How does arbitration start? Who pays the Administrator’s fees? Where will the arbitration take place? How does the arbitration work? Can a decision by the arbitrator be appealed? What is the waiver of class action?