Common use of CONTRACT ARBITRATION Clause in Contracts

CONTRACT ARBITRATION. Within fourteen (14) calendar days of service of Notice of Intent to Arbitrate, the parties, by their designated representative, shall attempt to mutually agree to the joint designation of an impartial Arbitrator. If the parties are unable to reach such an agreement within said fourteen (14) day period, they shall jointly request the Federal Mediation and Conciliation Service to furnish them a list of the names of seven (7) Arbitrators. Within fourteen (14) calendar days of receipt of said list, the parties shall alternately strike names from the list until only one (1) remains who shall be the Arbitrator. The party requesting the Arbitration shall strike first. The Arbitrator shall have power, authority and jurisdiction to interpret, apply and determine compliance with this Agreement and shall not add to, subtract from or modify in any way its terms and provisions. The decision of the Arbitrator shall be final and binding upon both parties hereto. The Arbitrator will have thirty (30) days after conducting a hearing to reach a decision.