Common use of Resolution by Arbitration Clause in Contracts

Resolution by Arbitration. In the event that a dispute remains unresolved within ten (10) business days of being referred to the senior management of the parties for negotiation or resolution, then either party may initiate arbitration of the dispute pursuant to the terms hereof. Subject to any matters or issues specifically excluded from arbitration pursuant to the provisions of Section 19.3 hereof, any dispute that has proceeded through senior management without resolution may be submitted for arbitration in accordance with the following requirements: (a) the party seeking to initiate arbitration shall give written notice thereof to the other party and shall set forth a brief description of the matter submitted for arbitration; (b) within ten (10) business days of receipt of the notice of arbitration, the parties acting in good faith shall attempt to agree upon a single arbitrator for the purposes of conducting the arbitration;