Common use of Arbitration Law Clause in Contracts

Arbitration Law. In the event of a disagreement between Lessor and Lessee concerning this Lease, performance hereunder, or damages caused by Lessee’s operations, settlement shall be determined by a panel of three disinterested arbitrators. The arbitration process shall be initiated by one party sending written notice of arbitration to the other party. Within ten (10) days after receipt of an arbitration notice, Lessor and Lessee shall appoint and be responsible to pay the fee of one arbitrator each, and the two so appointed shall appoint the third, whose fee shall be borne equally by Lessor and Lessee. The arbitrators shall determine the procedure to be used for arbitration and shall render their decision within thirty (30) days after appointment of the third arbitrator. The award of the arbitrators shall be final. If either party fails to timely appoint its arbitrator or if the two arbitrators appointed fail to appoint a third arbitrator within ten (10) days after their appointment, then either party may make application to any court having jurisdiction over the Leased Premises for the appointment of the last arbitrator. This Lease shall be governed by and construed in accordance with the internal laws of the Commonwealth of Pennsylvania, without regard to conflicts of law principles that might refer the interpretation hereof to the laws of another state.