Arbitration Matters. (a) The parties agree that a law firm reasonably acceptable to Buyer and Sellers shall be the sole arbitrator to hear and decide all matters that are subject to arbitration under this Annex I. If no member of that firm is willing or able to serve in such capacity, then the parties agree to designate another mutually acceptable person as the sole arbitrator under this Agreement. If the parties are unable to agree upon the designation of a person as substitute arbitrator, then either Sellers, on the one hand, or Buyer, on the other hand, or Sellers and Buyer together, may in writing request the judge of the United States District Court for the Southern District of Texas senior in term of service to appoint the substitute arbitrator. (b) Any arbitration hearing shall be held at a place in Houston, Texas acceptable to the arbitrator. (c) The arbitrator shall settle any dispute referred to in this Annex I in accordance with the Texas General Arbitration Act and the Rules of the American Arbitration Association to the extent such rules do not conflict with the terms of such Act and the terms hereof. The decision of the arbitrator shall be binding upon the parties, and may he enforced in any court of competent jurisdiction. Sellers and Buyer, respectively, shall bear their own legal fees and other costs incurred in presenting their respective cases. The charges and expenses of the arbitrator shall be shared equally by Sellers and Buyer.
Appears in 2 contracts
Sources: Purchase and Sale Agreement (Resaca Exploitation, Inc.), Purchase and Sale Agreement (Resaca Exploitation, Inc.)