Interpretation; Arbitration Clause Samples
Interpretation; Arbitration. No provision of this Agreement will be interpreted in favor of, or against, any of the parties hereto by reason of the extent to which any such party or its counsel participated in the drafting hereof or by reason of the extent to which any such provision is inconsistent with any prior draft hereof. Any disputes arising under this Agreement will be resolved in accordance with the arbitration procedures set forth in Section 42.1 of the Percentage Leases.
Interpretation; Arbitration. (a) This Agreement shall be interpreted and construed in accordance with the laws of the State of New York without giving effect to the principles of conflicts of laws thereof. Subject to Section 12.4(b), any controversy or claim arising out of or relating to this Agreement or any modification or extension thereof shall be settled by arbitration in accordance with the following provisions. The arbitration shall be through and under the commercial arbitration rules of the American Arbitration Association ("AAA") and shall be conducted in Chicago, Illinois before a panel of three arbitrators (the "ARBITRATORS"). Either party may give written notice to the other of its desire to arbitrate, specifying the matter to be arbitrated. If, within fifteen (15) days of the receipt of such written notice, the Sellers on the one hand, and the Buyer on the other, cannot agree on two arbitrators, then either such party on behalf of both and on notice to the other, may request appointment of two arbitrators (or if such parties have agreed on one arbitrator, request the appointment of the second arbitrator) by the AAA (or any successor organization thereto) in accordance with its rules then prevailing or, if the AAA shall fail to appoint such arbitrators within a further thirty (30) days, either such party, on notice to the other, may apply for such appointment to a court of competent jurisdiction in Chicago, Illinois. The two arbitrators shall agree upon a third arbitrator, or if they are unable to so agree within ten (10) days, the third arbitrator shall be chosen in the manner set forth above. The decision and direction of the Arbitrators with respect to the controversy shall be specified and shall be delivered to the parties in writing to the addresses set forth in Section 12.2 and such decision shall be final and binding upon the parties hereto. The Arbitrators will be bound by the substantive law of the State of New York but will not be bound by the rules of procedure customary in courts of law. The parties consent to the jurisdiction of the State and Federal District Courts in and for Chicago, Illinois, for all purposes in connection with arbitration, including the entry of judgment on any award; and consent that any process, notice of motion or other application to either of said courts, and any papers in connection with arbitration, may be served by registered or certified mail, return receipt requested, by personal service, or in such other manner as may be permis...