Binding Arbitration Process Clause Samples
Binding Arbitration Process. 19.3.1 Any Dispute not resolved in accordance with 19.2 “Mediated Negotiation Process” shall be resolved by final and binding arbitration in accordance with the rules of the ISTAC according to the arbitration clause of Circular Nr.2016/25 published in the Official Gazette dated November 19th 2016 , Nr.29893.
19.3.2 The arbitration shall be held in Istanbul using a single arbitrator. In the event that the dispute is valued in excess of $100,000 USD, either Party shall have the right through notification of the other Party to invoke the use of a three arbitrator panel. When a three arbitrator panel is used, each Party shall appoint one arbitrator from the ISTAC provided list of arbitrators after which the appointed arbitrators shall select the neutral arbitrator. All arbitration proceedings shall be conducted in English.
19.3.3 Except in the case of a Party choosing to ignore the requirements of this Article 19 as further clarified in Article 19.4.3 below, the Party against whom a finding has been made shall bear all reasonable expenses relating to the arbitration procedure inclusive of the cost of the arbitrators, the other Party‘s legal expenses and any other costs that the arbitration panel decides upon.
19.3.4 The Parties agree that the dispute resolution priority set forth in this Article 19 is a material term of this Agreement and that the damages for failure to comply with the dispute resolution priority are and would be difficult to measure. Consequently, the Parties hereby agree that in the event a Party breaches this Agreement by taking actions that ignore the dispute resolution priority set forth in this Article 19, the other Party may notify the electing Party in writing within 10 business days of such action stating that said action is ignoring the dispute resolution priority identified herein. After such notification is delivered, the electing Party may cure the breach by immediately reverting to and continuing to follow the dispute resolution priority set forth in this Article 19. In the event that the Party continues to make such an election to ignore the dispute resolution priority after being notified of breach pursuant to the above requirements, the electing Party shall be obligated to pay for all (internal and external) costs, fees and expenses, including attorneys’ fees of the other Party regardless of how the dispute is ultimately decided. In other words, any Party electing to ignore the dispute resolution priority set forth in this Art...
Binding Arbitration Process. Subject to prior compliance with the Meet and Confer process set forth in Section 19(D), and the Notice and Response process set forth in Sections 19(E) and (F), and except as provided in Section 19(G), either party has the right to initiate binding arbitration to resolve any dispute arising under this MOU. The arbitration shall be conducted in accordance with the following procedures:
i) The arbitration will be administered by the American Arbitration Association in accordance with its Commercial Arbitration Rules.
ii) The arbitration will be held in Klamath, California, unless otherwise agreed. The arbitrator will be empowered to grant compensatory, equitable, and declaratory relief. The provisions of California Code of Civil Procedure § 1283.05 are incorporated into, and made part of, this MOU; provided, however, that no discovery authorized by said section may be conducted without leave of the arbitrator, who will decide to grant leave based on the need of the requesting party and the burden of such discovery and light of the nature and complexity of the dispute.
iii) If either party requests an oral hearing, the arbitrator will set the matter for hearing. Otherwise, the arbitrator will decide whether to set the matter for hearing.
iv) The resulting award will be issued in writing and set forth the reasons for the decision. Judgment on the award rendered by the arbitrator may be entered in any court of competent jurisdiction. Costs and expenses of the American Arbitration Association and the arbitrator will be shared equally by the Parties.
Binding Arbitration Process. In the event the parties are unable to reach agreement through the mediation process, the matter in dispute shall be submitted to binding arbitration. The parties agree that the order resulting from the arbitration process shall be deemed a final and conclusive resolution of the matter in dispute. The parties shall agree on the appointment of an arbitrator who shall be experienced in matters of local government and the legal obligations of local government entities. It is understood and agreed that the parties may agree upon the appointment of that person who conducted the mediation portion of this process as the arbitrator, but are not bound to do so. In the event the parties are unable to agree upon an arbitrator within fifteen (15) days, each party will appoint an independent third party, and the third parties so appointed shall select a mediator within fifteen (15) days of their appointment. Arbitration shall be completed no later than ninety (90) days after an arbitrator is selected by the parties or by the independent third parties. The procedures and methodology for binding arbitration shall be determined by the arbitrator, but shall be in compliance with applicable law.
Binding Arbitration Process