Common use of Settlement of Disputes and Arbitration Clause in Contracts

Settlement of Disputes and Arbitration. The Partners recognize that disagreements between them could result in an impasse. Partners further recognize that such an impasse resulting from disagreement with respect to Budgets and certain other major decisions would have an adverse effect upon Operations. Accordingly, the Partners have agreed upon the mechanisms set forth in this Section 14.9 pending resolution of such disagreements. If the partners are unable to resolve disputes, Roaring Creek and Grassy Cove will, prior to referring any matter to arbitration pursuant to this Section 14.9 or Section 2.4 of the Accounting Procedure, in the first instance refer the dispute to top level executives of AMAX Inc. a New York corporation, and Petrofina S.A., a Belgian corporation, respectively, who are not members of the Executive Committee or the FINAMAX Management Committee, and if such executive officers do not resolve the dispute within 30 days of referral, either Partner may refer such matter to arbitration as provided herein or in Section 2.4, as the case may be. Any dispute or difference which may arise between the Partners solely with respect to the meaning or interpretation of any provision of this Agreement, other than disputes or differences with respect to accounting matters described in and subject to Section 2.4 of the Accounting Procedure, shall be finally settled by arbitration in accordance with the regulations of the American Arbitration Association. Either Partner may serve written demand on the other Partner that any such dispute be settled by arbitration within 30 days of the date such written demand, the Partner serving such demand shall deliver to the other Partner a written designation of an arbitrator. The other Partner shall, within 30 days after receipt of such designation, deliver to the first Partner a written designation of an arbitrator selected by such other Partner. The two arbitrators so designated shall designate a third arbitrator mutually acceptable to them, but if the two arbitrators are unable within 15 days to agree upon a third arbitrator, or if the other Partner or the two arbitrators shall fail to designate an arbitrator within 30 days after the designation of an arbitrator by the first Partner, the first Partner may apply to the American Arbitration Association for the appointment by such Association of such second or third arbitrator in accordance with its rules and regulations. If such experience is, in the judgment of the Major Partners, relevant to the question to be arbitrated, the arbitrators appointed by each Partner and the American Arbitration Association shall be persons experienced in the coal business. The Partners agree to be conclusively bound by the decision or report of arbitrators designated in accordance with the preceding paragraph and Section 2.4 of the Accounting Procedure.

Settlement of Disputes and Arbitration. The Partners -------------------------------------- recognize that disagreements between them could result in an impasse. the Partners further recognize that such an impasse resulting from disagreement with respect to Budgets and certain other major decisions would have an adverse effect upon Operations. Accordingly, the Partners have agreed upon the mechanisms set forth _______ ____ form in this Section 14.9 pending resolution of such disagreements. If the partners Partners are unable to resolve disputes, Roaring Creek and Grassy Cove will, prior to referring any matter to arbitration pursuant to this Section 14.9 or Section 2.4 of the Accounting Procedure, in the first instance refer the dispute to top level executives of AMAX Inc. a New York corporation, and Petrofina S.A., a Belgian corporation, respectively, who are not members of the Executive Committee or the FINAMAX Management Committee, and if such executive officers do not resolve the dispute within 30 days of referral, either Partner may refer such matter to arbitration as provided herein or in Section 2.4, as the case may be. Any dispute or difference which may arise between the Partners solely with respect to the meaning or interpretation of any provision of this Agreement, other than disputes or differences with respect to accounting matters described in and subject to Section 2.4 of the Accounting Procedure, shall be finally settled by arbitration in accordance with the regulations of the American Arbitration Association. Either Partner may serve written demand on the other Partner that any such dispute be settled by arbitration within 30 days of the date of such written demand, the Partner serving such demand shall deliver to the other Partner a written designation of an arbitrator. The other Partner shall, within 30 days after receipt of such designation, deliver to the first Partner a written designation of an arbitrator selected by such other Partner. The two arbitrators so designated shall designate a third arbitrator mutually acceptable to them, but if the two arbitrators are unable within 15 days to agree upon a third arbitrator, or if the other Partner or the two arbitrators shall fail to designate an arbitrator within 30 days after the designation of an arbitrator by the first Partner, the first Partner may apply to the American Arbitration Association for the appointment by such Association of such second or third arbitrator in accordance with its rules and regulations. If such experience is, in the judgment of the Major Partners, relevant to the question to be arbitrated, the arbitrators appointed by each Partner and the ________ American Arbitration Association shall be persons experienced in the coal business. The Partners agree agreed to be conclusively bound by the decision or report of arbitrators designated in accordance with the preceding paragraph and Section 2.4 of the Accounting Procedure.

Settlement of Disputes and Arbitration. The Partners -------------------------------------- recognize that disagreements between them could result in an impasse. The Partners further recognize that such an impasse resulting from disagreement with respect to Budgets and certain other major decisions would have an adverse effect upon Operations. Accordingly, the Partners have agreed upon the mechanisms set forth in this Section 14.9 pending resolution of such disagreements. If the partners Partners are unable to resolve disputes, Roaring Creek and Grassy Cove will, prior to referring any matter to arbitration pursuant to this Section 14.9 or Section 2.4 of the Accounting Procedure, in the first instance refer the dispute to top level executives executive of AMAX Inc. a New York corporation, and Petrofina S.A., a Belgian corporation, respectively, who are not members of the Executive Committee or the FINAMAX Management Committee, and if such executive officers do not resolve the dispute within 30 days of referral, either Partner may refer such matter to arbitration as provided herein or in Section 2.4, as the case may be. Any dispute or difference which may arise between the Partners solely with respect to the meaning or interpretation of any provision of this Agreement, Agreement other than disputes or differences with respect to accounting matters described in and subject to Section 2.4 of the Accounting Procedure, shall be finally settled by arbitration in accordance with the regulations of the American Arbitration Association. Either Partner may serve written demand on the other Partner that any such dispute be settled by arbitration within 30 days of the date of such written demand, the Partner serving such demand shall deliver to the other Partner a written designation of an arbitrator. The other Partner shall, within 30 days after receipt of such designation, deliver to the first Partner a written designation of an arbitrator selected by such other Partner. The two arbitrators so designated shall designate a third arbitrator mutually acceptable to them, but if the two arbitrators are unable within 15 days to agree upon a third arbitrator, or if the other Partner or the two arbitrators shall fail to designate an arbitrator within 30 days after the designation of an arbitrator by the first Partner, the first Partner may apply to the American Arbitration Association for the appointment by such Association of such second or third arbitrator in accordance with its rules and regulations. If such experience is, in the judgment of the Major Partnerspartners, relevant to the question to be arbitrated, the arbitrators appointed by each Partner and the American Arbitration Association shall be persons experienced in the coal business. The Partners agree to be conclusively bound by the decision or report of arbitrators designated in accordance with the preceding paragraph and Section 2.4 of the Accounting Procedure.

Settlement of Disputes and Arbitration. The Partners -------------------------------------- recognize that disagreements between them could result in an impasse. The Partners further recognize that such an impasse resulting from disagreement with respect to Budgets and certain other major decisions would have an adverse effect upon Operations. Accordingly, the Partners have agreed upon the mechanisms set forth in this Section 14.9 pending resolution of such disagreements. If the partners Partners are unable to resolve disputes, Roaring Creek and Grassy Cove will, prior to referring any matter to arbitration pursuant to this Section 14.9 or Section 2.4 of the Accounting Procedure, in the first instance refer the dispute to top level executives of AMAX Inc. a New York corporation, and Petrofina S.A., a Belgian corporation, respectively, who are not members of the Executive Committee or the FINAMAX Management Committee, and if such executive officers do not resolve the dispute within 30 days of referral, either Partner may refer such matter to arbitration as provided herein or in Section 2.4, as the case may be. Any dispute or difference which may arise between the Partners solely with respect to the meaning or interpretation of any provision of this Agreement, other than disputes or differences with respect to accounting matters described in and subject to Section 2.4 of the Accounting Procedure, shall be finally settled by arbitration in accordance with the regulations of the American Arbitration Association. Either Partner may serve written demand on the other Partner that any such dispute be settled by arbitration within 30 days of the date of such written demand, the Partner serving such demand shall deliver to the other Partner a written designation of an arbitrator. The other Partner shall, within 30 days after receipt of such designationdesignation , deliver to the first Partner partner a written designation of an arbitrator selected by such other Partner. The two arbitrators so designated shall designate a third arbitrator mutually acceptable to them, but if the two arbitrators are unable within 15 days to agree upon a third arbitrator, or of if the other Partner or the two arbitrators shall fail to designate an arbitrator within 30 days after the designation of an arbitrator by the first Partner, the first Partner may apply to the American Arbitration Association for the appointment by such Association of such second or third arbitrator in accordance with its rules and regulations. If such experience is, in the judgment of the Major Partners, relevant to the question to be arbitrated, the arbitrators appointed by each Partner and the American Arbitration Association shall be persons experienced in the coal business. The Partners agree to be conclusively bound by the decision or report of arbitrators designated in accordance with the preceding paragraph and Section 2.4 of the Accounting Procedure.