Common use of Technical Matters Clause in Contracts

Technical Matters. If the dispute to be resolved is a Technical Matter, the dispute or matter will be heard by a single arbitrator selected by agreement between the Shareholders (or, failing such agreement within ten days after receipt of notice that a matter is being submitted to arbitration pursuant to Section 5.1, by the Judicial Arbiter Group, Inc. ["JAG"] situated in Denver, Colorado) and suitably qualified regarding the subject matter of the dispute. Each Shareholder will be entitled to suggest a solution to the dispute, and the arbitrator will determine the matter by selecting one of the two proposed solutions being that one, which, in his view, would best contribute to the reasonable, prudent, and efficient development of the Properties or the conduct of operations, as applicable. The arbitrator shall not consider the financial position of the respective Shareholders in making his determination.