quesArbitration Process & Procedures

How do I initiate an arbitration case? Is there a standard format for that? What would be the cost of arbitration for a claim of above 2 lacs?

  • ansThe arbitration process begins with a party filing a Statement of Claim with FINRA. The party who files the Statement of Claim is called a claimant. The party against whom the Statement of Claim is filed is called the respondent. The Statement of Claim should provide the details of the dispute, including relevant dates, names of entities and individuals involved, and the type of relief requested and the respondents from whom the claimant is seeking relief or damages. The type of relief a claimant may request, includes, but is not limited to, actual monetary damages, interest, and specific performance.

    In addition to the Statement of Claim, a claimant must also file a Submission Agreement and pay the appropriate filing fees, either by check or online.

    The cost involved depends on a lot of other factors. We would need more details about the case to guide you thoroughly.

  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Arbitration Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
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