Common use of Optional Arbitration Clause in Contracts

Optional Arbitration. Notwithstanding the foregoing, if mutually agreed in writing by the parties, any dispute, controversy, or claim arising out of or relating to this Agreement may instead be resolved through final and binding arbitration administered by a recognized arbitral institution under its applicable rules. Unless otherwise agreed, the arbitral institution shall be selected by mutual agreement of the parties and may include institutions such as the International Centre for Dispute Resolution (ICDR), the International Chamber of Commerce (ICC), or the ADR Institute of Canada (ADRIC). Unless otherwise agreed: (i) the arbitration shall be conducted in English; (ii) the seat of arbitration shall be Montreal, Quebec, Canada; and (iii) each party shall bear its own legal fees and an equal share of the arbitration costs. Nothing in this Section shall prevent either party from seeking interim, emergency, or injunctive relief in a court of competent jurisdiction.