disputes damages arbitration federal resolved litigated
In the United States, in order to obtain（1） for breach of contract or to obtain specific performance or other equitable relief, the aggrieved injured party may file a civil (non-criminal) lawsuit in state court (unless there is diversity of citizenship giving rise to （2）jurisdiction). If the contract contains a valid arbitration clause, the aggrieved party must submit an （3）claim in accordance with the procedures set forth in the clause. Many contracts provide that all disputes arising thereunder will be resolved by arbitration, rather than （4）in courts. Customer claims against securities brokers and dealers are almost always （5） by arbitration because securities dealers are required, under the terms of their membership in self-regulatory organizations such as the Financial Industry Regulatory Authority (formerly the NASD) or NYSE to arbitrate （6）with their customers.
（1） it encompasses the transfer of rights held by one party to another party. The legal nature of it determines some additional rights and liabilities that accompany the act.
（2） The term is usage-based payments made by one party and another for ongoing use of an asset, sometimes an intellectual property (IP).
（3） It means possession or occupancy of lands, buildings, or other property by title, under a lease, or on payment of rent.
（4） It is practical knowledge of how to get something done and is often tacit knowledge, which means that it is difficult to transfer to another person by means of writing it down.
（5） It may be granted by a party to another party as an element of an agreement between those parties.
（1） This contract is hereby made and concluded by and between A Co. (hereinafter referred to as Party A) and B Co. (hereinafter referred to as Party B) on May 1st,2011, in Beijing, China, on the principle of equality and mutual benefit and through amicable consultation.
（2） Now Therefore, in consideration of the premises and the covenants herein, the parties hereto agree as follows:
（3） The present Agreement is written in Chinese and English languages, both texts being equally authentic.
（4） China and Japan have initialed an agreement on cooperation in the peaceful use of nuclear energy, the official New China News Agency reported today.