Common use of Arbitration Option Clause in Contracts

Arbitration Option. (a) Any Finance Party or the Company may by notice in writing to the relevant party/parties to a Dispute at the address given for the sending of notices under this Agreement pursuant to Clause 31 (Notices) require that a Dispute be finally resolved by arbitration under the Rules of Arbitration of the London Court of Arbitration ("LCIA") in force at the time the arbitration commences, which rules are deemed incorporated by reference into this Clause. (b) Notice under paragraph (a) above must be given before any substantive defence or response has been submitted in any formal legal proceedings that have been commenced in respect of the Dispute in accordance with Clause 40 (Enforcement).

Arbitration Option. (a) Any Finance Party or the Company may by notice in writing to the relevant party/parties to a Dispute at the address given for the sending of notices under this Agreement pursuant to Clause 31 (Notices) require that a Dispute be finally resolved by arbitration under the Rules of Arbitration of the London Court of Arbitration ("“LCIA"”) in force at the time the arbitration commences, which rules are deemed incorporated by reference into this Clause. (b) Notice under paragraph (a) above must be given before any substantive defence or response has been submitted in any formal legal proceedings that have been commenced in respect of the Dispute in accordance with Clause 40 (Enforcement).