Common use of Full Arbitration Clause in Contracts

Full Arbitration. Unless Section 16.3.2 is applicable, in the event the Parties are not able to resolve such dispute through the dispute escalation procedure described above, either Party may at any time after such 20 Business Day period submit such dispute to be finally settled by arbitration administered in accordance with the rules of Judicial Administration and Arbitration Services (“JAMS”) in effect at the time of submission, as modified by this Section 16. The arbitration will be heard and determined by three (3) arbitrators who are retired judges or attorneys with at least ten (10) years of experience with intellectual property license agreements in the pharmaceutical or biotechnology industry, each of whom will be a neutral as to both Parties. Each Party will appoint one arbitrator and the third arbitrator will be selected by the two Party-appointed arbitrators, or, failing agreement within thirty (30) days following the date of receipt by the respondent of the claim, by JAMS. Such arbitration will take place in New York, NY. The arbitration award so given will be a final and binding determination of the dispute, will be fully enforceable in any court of competent jurisdiction, and will not include any damages expressly prohibited by Section 12. Fees, costs and expenses of arbitration are to be divided by the Parties in the following manner: LICENSEE will pay for the arbitrator it chooses, PFIZER will pay for the arbitrator it chooses, and the Parties will share payment for the third arbitrator. Except in a proceeding to enforce the results of the arbitration or as otherwise required by law, neither Party nor any arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written agreement of both Parties.