Examlex
The board of governors of the Federal Reserve System determines
Neutral Third Party
A neutral third party is an independent entity with no stake in the outcome, often involved in mediation or arbitration processes to provide unbiased judgment or facilitate settlements.
Arbitration Clause
A provision in a contract that requires disputes to be resolved through arbitration rather than in court.
Unconscionable
Not right or reasonable; especially in a legal context to describe terms that are so unfair to one party that no reasonable or informed person would agree to them.
Med-Arb
A hybrid dispute resolution process combining mediation and arbitration, where an unresolved issue in mediation can be decided by arbitration.
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