Common use of Arbitration Defined Clause in Contracts

Arbitration Defined. Arbitration is a means of having an independent third party resolve a Dispute. A Dispute is any controversy or claim between you and the Bank, its marketing agent, collection agent, any subsequent holder of your Elastic Account, or any of their respective agents, affiliates, assigns, employees, officers, managers, members or shareholders (each considered a Holder for purposes of this Arbitration Agreement). The term Dispute is given its broadest possible meaning and includes, without limitation, all claims or demands (whether past, present, or future, including events that occurred prior to the opening of your Elastic Account), based on any legal or equitable theory (tort, contract, or otherwise), and regardless of the type of relief sought (i.e., money, injunctive relief, or declaratory relief). An example of a Dispute includes, without limitation, any claim arising from, related to or based upon marketing or solicitations to obtain the loan and the handling or servicing of your Elastic Account whether such Dispute is based on a federal or state constitution, statute, ordinance, regulation, or common law, and including any issue concerning the validity, enforceability, or scope of this loan or the Arbitration Agreement.