Common use of Mutual Binding Arbitration Clause in Contracts

Mutual Binding Arbitration. Applicant and PG agree that any claims or controversies, whether such claims or controversies arose prior to, on, or subsequent to the date of this Agreement, which they bring against each other, the Administrator, an MGU, a Selected Carrier, or any of the present or former officers, directors, employees, agents, or representatives of Applicant, PG, the Administrator, an MGU, or a Selected Carrier shall be resolved by binding arbitration in Cleveland, Ohio. Applicant and PG agree that the results of the arbitration shall be final and binding, the arbitrator’s award is not required to include factual findings or legal reasoning, and that their rights to appeal or to seek modification of rulings by the arbitrator is strictly limited. Applicant and PG shall agree to the arbitrator. If they do not, PG shall provide Applicant with the names of two additional arbitrators which are members of the American Arbitration Association, of which Applicant shall select one. Except for contrary provisions contained in this “Section 16.,” Applicant and PG agree that all arbitration shall be governed by the rules of the American Arbitration Association.