Before an Application is filed, the parties must agree to submit the matter to binding arbitration (which means that all parties are legally bound to the Arbitrator’s decision) with Arbitrations Resolution Services or be required to arbitrate a dispute with Arbitrations Resolution Services based on the terms and conditions of an agreement between the parties. The Applicant starts the process by submitting an Application that has their reasons for why the other party(s) owes them money. The Respondent(s) then submits a Response to Arbitrations Resolution Services Inc. explaining why they do not owe the Applicant any money. The Respondent’s Response may also include a claim for money against the Applicant, which is referred to as a counterclaim.
When the parties submit the Application and Response(s), they will have the opportunity to submit any evidence (proof) which supports their position. The claim is then assigned to an Arbitrator. Where permitted by Arbitrations Resolution Services rules, the parties can request a telephonic hearing. If a hearing is requested, the Arbitrator will make their decision after the hearing. If no hearing is requested a decision will be made based on the Application and Response(s) along with the evidence which has been submitted.
2 comments
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September 2, 2012 at 9:23 pm (UTC 0) Link to this comment
NJ Senate Bill 2229 is scheduled for debate by the Senate Commerce Committee in the next legislative term. This bill would bring real competition to the title insurance industry and allow title companies to offer lower prices to consumers. As it stands now title insurance rates are regulated by the state. This of course is under the guise that it is done to protect consumers from paying too much but in reality it is designed to protect the profits of title insurance companies. Senate Bill 2229 would force title insurance companies to compete for customers and would require they adjust prices in a way that benefits consumers instead of their bottom line. Many companies are against this bill because they understand that their old business practices will have to change or they will not make the huge profits they are currently reaping.
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August 9, 2012 at 1:47 am (UTC 0) Link to this comment
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