Common use of Alternative Streamlined Procedures Clause in Contracts

Alternative Streamlined Procedures. Notwithstanding the foregoing provisions of this Article X, the Alternative Streamlined Procedures set forth in section 16 of the Procedures, as modified by Section 10.2(a)(iv) and Sections 10.2(a)(viii) through 10.2(a)(x), shall apply in the event that, in a consolidated proceeding or otherwise, the party initiating arbitration is seeking payment of a total amount that is no greater than one million dollars ($1,000,000). Sections 16.1, 16.2 and 16.3 of the Alternative Streamlined Procedures shall not apply to the Alternative Streamlined Procedure hereunder. The second sentence of section 16.4 of the Alternative Streamlined Procedures shall also not apply; instead, the Beneficiary and the Grantor agree to comply with section 6.7 of the Procedures to appoint a single umpire in an Alternative Streamlined Procedure as provided herein, and each of the Beneficiary and the Grantor shall exchange eight (8) names of qualified umpires to form the list to be used in section 6.7(a) of the Procedures. The single umpire appointed herein shall satisfy the requirements for an umpire set forth in Section 10.2(a)(iii).

Alternative Streamlined Procedures. Notwithstanding the foregoing provisions of this Article XXVI, the Alternative Streamlined Procedures set forth in section 16 of the Procedures, as modified by Section 10.2(a)(iv16.2(a)(iv) and Sections 10.2(a)(viii16.2(a)(viii) through 10.2(a)(x16.2(a)(x), shall apply in the event that, in a consolidated proceeding or otherwise, the party Party initiating arbitration is seeking payment of a total amount that is no greater than one million dollars ($1,000,000). Sections 16.1, 16.2 and 16.2, 16.3 of the Alternative Streamlined Procedures shall not apply to the Alternative Streamlined Procedure hereunder. The second sentence of section 16.4 of the Alternative Streamlined Procedures shall also not apply; instead, the Beneficiary and the Grantor Parties agree to comply with section 6.7 of the Procedures to appoint a single umpire in an Alternative Streamlined Procedure as provided herein, and each of the Beneficiary and the Grantor Party shall exchange eight (8) names of qualified umpires to form the list to be used in section 6.7(a) of the Procedures. The single umpire appointed herein shall satisfy the requirements for an umpire set forth in Section 10.2(a)(iii16.2(a)(iii).