If Borrower is obligated under Jewish Law to enter into this transaction using a “Heter Iska”, Lender and Borrower agree to abide by the terms outlined in Nachlas Shivo Chapter 40.
In the event of any disputes that relate directly to the “Heter Iska,” such disputes shall be resolved by a Beit Din and shall be conducted at Vaad Hadin V’Horaah, 61 South Main Street, 2nd Floor Suite 3, New City, New York 10956. The Vaad at its full discretion will decide what constitutes “Halacha”.
The parties agree to the Vaad’s rules and procedures (which are available on their website www.hadin.org or by contacting the Vaad 845-579-2270), and judgment upon the award rendered by the Vaad may be entered in any court having jurisdiction thereof.
The parties further agree that, to the extent permitted by the relevant jurisdiction, the award and judgment and/or order to be entered thereon shall be final, conclusive, non-appealable and binding on the parties, and shall be a complete bar to any further claims or demands relating to arbitration issues through the date of the award.
If a party is summoned to a hearing at the Vaad and does not respond within 72 hours of receipt of such summons, the Vaad reserves the right to issue an award despite the absence of such party.