Dispute Resolution Agreement

A Dispute Resolution Agreement is a contract between a debtor and a creditor or debt collector that outlines the terms and conditions for resolving a disputed debt through alternative dispute resolution methods, such as mediation or arbitration. The agreement typically includes details about the nature of the dispute, the chosen method of resolution, the selection and qualifications of the neutral third party, and the binding nature of the outcome. The agreement may also include provisions related to confidentiality, cost-sharing, and enforcement of the resolution. The purpose of a Dispute Resolution Agreement is to provide a faster, less expensive, and more flexible alternative to litigation for resolving debt-related disputes, and to promote a mutually agreeable outcome that preserves the relationship between the parties. The agreement should be carefully reviewed and understood by both parties before signing, and any questions or concerns should be addressed with legal counsel.