AMERICAN COTTON SHIPPERS ASSOCIATION
CONTRACT FOR ARBITRATION
For the purpose of avoiding litigation and in consideration of saving time and expense, we the undersigned parties, hereby agree to submit the following controversy to arbitration by the ________ Association for its decision and award in writing.
(insert description of the case here)
We agree that we will comply with all of the Association Rules, including, but not limited to those rules requiring nonmembers of the Association to approximate expenses in advance when an oral hearing is requested by a nonmember.
We understand that noncompliance with the rules may result in a default judgment.
We further agree that we will abide by the decision of said committee, and that its decision shall be final, subject to the Association Arbitration Rules.
We hereby release all members of the committee (including any appeals committee) from any responsibility for error in judgment in any respect whatsoever and from any damage or loss allegedly suffered by reason of their acts. In case any member of the regularly constituted committee cannot take part in the hearing of this case, the Association in compliance with the Arbitration Rules may appoint another member of the Association to so act; and in that event all the terms of this agreement shall be binding on us as though all the members of the regular committee had taken a part in the hearing of this case. Even in such a case compliance with the award shall be in accordance with the rules of the Association applicable thereto