L
Leala
Member
What is this clause (as not in glossary or couldnt find in notes.)
thanks
thanks
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F
fiend
Member
Can find it here:
http://www.guycarp.com/portal/extranet/utility/glossary_a.html
Arbitration Clause
A provision sometimes appearing in reinsurance treaties whereby the parties agree to submit any dispute or controversy to an unofficial tribunal of their own choosing in lieu of the tribunals provided by the ordinary process of law. Although the wording of the clause may vary, it normally provides for the appointment of two arbitrators, one selected by each party, who in turn appoint an umpire, and the decision of a majority of the arbitrators is binding on the parties to the reinsurance treaty.
Pretty self-explanatory
I don't think you need to know it though?
http://www.guycarp.com/portal/extranet/utility/glossary_a.html
Arbitration Clause
A provision sometimes appearing in reinsurance treaties whereby the parties agree to submit any dispute or controversy to an unofficial tribunal of their own choosing in lieu of the tribunals provided by the ordinary process of law. Although the wording of the clause may vary, it normally provides for the appointment of two arbitrators, one selected by each party, who in turn appoint an umpire, and the decision of a majority of the arbitrators is binding on the parties to the reinsurance treaty.
Pretty self-explanatory
I don't think you need to know it though?
L
Leala
Member
No, it's not in the glossory so I think would be pretty unfair if it ever popped up - i should hve googled that one myself actually ,but guess it's here for anyone else that may want to know now too.