Section 353B.630 - Participation agreement: Required provisions Provisions substantially similar to the following will be included in each participation agreement:
1. Any controversy or claim arising out of or relating to this participation agreement, or the breach, termination or validity thereof, must be settled by arbitration administered by the American Arbitration Association in accordance with its rules for commercial arbitration, and judgment on the award rendered in the arbitration may be entered in any court of competent jurisdiction.2. By signing this participation agreement, the parties agree as follows: (a) All parties to this agreement are giving up the right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the American Arbitration Association.(b) Arbitration awards are generally final and binding, and the ability of a party to have a court reverse or modify an arbitration award is very limited.(c) The ability of the parties to obtain documents, witness statements and other discovery is generally more limited in arbitration than in court proceedings.(d) The arbitrators do not have to explain the reasons for their award.(e) The rules of the American Arbitration Association may impose time limits for bringing a claim in arbitration.Nev. Admin. Code § 353B.630
Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002