559.244 Contract to settle by arbitration; execution; option; period of limitations; allocation of costs; conduct; appointment of arbitrator; method; applicable law; rules; arbitration award.
Sec. 144.
(1) A contract to settle by arbitration may be executed by the developer and any claimant with respect to any claim against the developer that might be the subject of a civil action.
(2) At the exclusive option of a purchaser, co-owner, or person occupying a restricted unit under section 104b, a contract to settle by arbitration shall be executed by the developer with respect to any claim that might be the subject of a civil action against the developer, which claim involves an amount less than $2,500.00, and arises out of or relates to a purchase agreement, condominium unit, or project.
(3) At the exclusive option of the association of co-owners, a contract to settle by arbitration shall be executed by the developer with respect to any claim that might be the subject of a civil action against the developer, which claim arises out of or relates to the common elements of a condominium project, if the amount of the claim is $10,000.00 or less.
(4) The period of limitations prescribed by law for the bringing of a civil action shall apply equally to the execution of a contract to settle by arbitration under this section.
(5) All costs of arbitration under this section shall be allocated in the manner provided by the arbitration association.
(6) A contract to settle by arbitration under this section shall specify that the arbitration association shall conduct the arbitration.
(7) The method of appointment of the arbitrator or arbitrators shall be pursuant to reasonable rules of the arbitration association.
(8) Arbitration under this act shall proceed according to sections 5001 to 5065 of Act No. 236 of the Public Acts of 1961, being sections 600.5001 to 600.5065 of the Michigan Compiled Laws, which may be supplemented by reasonable rules of the arbitration association.
(9) An arbitration award shall be binding on the parties to the arbitration.
559.244 Contract to settle by arbitration; execution; option; period of limitations; allocation of costs; conduct; appointment of arbitrator; method; applicable law; rules; arbitration award.
Sec. 144.
(1) A contract to settle by arbitration may be executed by the developer and any claimant with respect to any claim against the developer that might be the subject of a civil action.
(2) At the exclusive option of a purchaser, co-owner, or person occupying a restricted unit under section 104b, a contract to settle by arbitration shall be executed by the developer with respect to any claim that might be the subject of a civil action against the developer, which claim involves an amount less than $2,500.00, and arises out of or relates to a purchase agreement, condominium unit, or project.
(3) At the exclusive option of the association of co-owners, a contract to settle by arbitration shall be executed by the developer with respect to any claim that might be the subject of a civil action against the developer, which claim arises out of or relates to the common elements of a condominium project, if the amount of the claim is $10,000.00 or less.
(4) The period of limitations prescribed by law for the bringing of a civil action shall apply equally to the execution of a contract to settle by arbitration under this section.
(5) All costs of arbitration under this section shall be allocated in the manner provided by the arbitration association.
(6) A contract to settle by arbitration under this section shall specify that the arbitration association shall conduct the arbitration.
(7) The method of appointment of the arbitrator or arbitrators shall be pursuant to reasonable rules of the arbitration association.
(8) Arbitration under this act shall proceed according to sections 5001 to 5065 of Act No. 236 of the Public Acts of 1961, being sections 600.5001 to 600.5065 of the Michigan Compiled Laws, which may be supplemented by reasonable rules of the arbitration association.
(9) An arbitration award shall be binding on the parties to the arbitration.
559.244 Contract to settle by arbitration; execution; option; period of limitations; allocation of costs; conduct; appointment of arbitrator; method; applicable law; rules; arbitration award.
Sec. 144.
(1) A contract to settle by arbitration may be executed by the developer and any claimant with respect to any claim against the developer that might be the subject of a civil action.
(2) At the exclusive option of a purchaser, co-owner, or person occupying a restricted unit under section 104b, a contract to settle by arbitration shall be executed by the developer with respect to any claim that might be the subject of a civil action against the developer, which claim involves an amount less than $2,500.00, and arises out of or relates to a purchase agreement, condominium unit, or project.
(3) At the exclusive option of the association of co-owners, a contract to settle by arbitration shall be executed by the developer with respect to any claim that might be the subject of a civil action against the developer, which claim arises out of or relates to the common elements of a condominium project, if the amount of the claim is $10,000.00 or less.
(4) The period of limitations prescribed by law for the bringing of a civil action shall apply equally to the execution of a contract to settle by arbitration under this section.
(5) All costs of arbitration under this section shall be allocated in the manner provided by the arbitration association.
(6) A contract to settle by arbitration under this section shall specify that the arbitration association shall conduct the arbitration.
(7) The method of appointment of the arbitrator or arbitrators shall be pursuant to reasonable rules of the arbitration association.
(8) Arbitration under this act shall proceed according to sections 5001 to 5065 of Act No. 236 of the Public Acts of 1961, being sections 600.5001 to 600.5065 of the Michigan Compiled Laws, which may be supplemented by reasonable rules of the arbitration association.
(9) An arbitration award shall be binding on the parties to the arbitration.
