Deadlock Panel Clause Samples

Deadlock Panel. If the owners cannot reach an agreement regarding the material issues set forth in this Agreement or cannot otherwise break the deadlock, then each owner shall select an individual or entity to act on their behalf (the “Deadlock Representatives”). The Deadlock Representatives shall then select one (1) other person or entity to so act as part of the now odd numbered member panel (the “Deadlock Panel”). The Deadlock Panel shall then vote on the material issue at hand to break the deadlock. Upon the Deadlock Panel’s vote, thereby breaking the deadlock the owners hereby agree that the decision of the Deadlock Panel shall be final, and the owners shall be bound by the decision thereof. The owners further agree to waive any and all legal claims or challenges, whether in law or equity, to set aside or otherwise oppose the final binding decision of the Deadlock Panel. The owners further agree to hold the members of the Deadlock Panel harmless, and to indemnify the members of the Deadlock from any legal action whatsoever, whether in law or in equity, including the payment of the Deadlock Panel members’ attorneys’ fees and costs.