Glossary Archive

Class Action Arbitration Frameworks Class Action Arbitration Frameworks are structured systems designed to resolve disputes involving multiple parties through arbitration rather than traditional court litigation. These frameworks facilitate the consolidation of claims from numerous individuals or entities into a single arbitration proceeding, allowing for more efficient resolution of common issues. In a typical class action...

Class Action Mediation Class action mediation is a process used to resolve disputes in class action lawsuits without going to trial. In a class action, a group of individuals collectively brings a claim to court, representing a larger group that shares a common interest or injury. Mediation is a form of alternative dispute resolution (ADR)...

Class Arbitration Waiver A Class Arbitration Waiver is a provision typically found in arbitration agreements that restricts or prohibits parties from consolidating their claims into a class action format. Instead, it mandates that disputes must be resolved on an individual basis through arbitration. In more detail, arbitration is a form of alternative dispute resolution where...

A Class Gift refers to a provision in a will or trust that designates a gift to a group of beneficiaries who belong to a particular class, rather than naming specific individuals. This type of gift is often used to ensure that all members of a specified group receive an equal share of the estate...

A Clawback Provision in the context of estate taxes refers to a legal mechanism that allows the government to reclaim or "claw back" certain tax benefits that were previously granted to an estate or a trust. This provision typically applies when the value of an estate exceeds a specified exemption limit, or when changes in...

Closing Disclosure The Closing Disclosure is a crucial document in the home buying process, particularly in the context of residential mortgage transactions. It outlines the final terms and costs associated with the loan, ensuring transparency between the borrower and the lender. The Closing Disclosure must be provided to the borrower at least three business days...

Closing Statement in Mediation A closing statement in mediation is a summary delivered by each party at the conclusion of the mediation process. This statement is intended to encapsulate the key points that were discussed, the positions held by each party, and any agreements or compromises reached during the mediation sessions. The closing statement typically...

Cloud on Title A cloud on title refers to a claim or condition that appears in the public record and may affect the validity or ownership of a property. This encumbrance can create uncertainty regarding the title, making it difficult for the current owner to sell or mortgage the property without resolving the issue first....

Co-Arbitrator Agreement A Co-Arbitrator Agreement is a formal arrangement between parties involved in arbitration, where two or more arbitrators are appointed to resolve a dispute. This type of agreement outlines the roles, responsibilities, and powers of each co-arbitrator, ensuring clarity and cooperation throughout the arbitration process. Typically, in arbitration, parties may select a panel of...

Co-trustee responsibilities refer to the obligations and duties shared by two or more individuals appointed as trustees of a trust. In a trust arrangement, co-trustees work together to manage the trust's assets, uphold its terms, and act in the best interests of the beneficiaries. Co-trustees must collaborate to make decisions regarding the trust, which includes...