Common use of Umpire Selection Procedure Clause in Contracts

Umpire Selection Procedure. The arbitrators and Umpire shall be either present or former executive officers of insurance or reinsurance companies or arbitrators certified by XXXXX U.S. The arbitrators and Umpire shall not be under the control of either party, and shall have no financial interest in the outcome of the arbitration. The arbitrators and Umpire shall not be obligated to follow the strict rules of evidence. The decision of a majority of the Arbitration Panel shall be final and binding to the fullest extent permitted by law. The Arbitration Panel shall render its award in writing. Judgment upon the award may be entered in any court having jurisdiction. Unless the Arbitration Panel orders otherwise, each party shall pay an equal share of the fees and expenses of the arbitrators and of the other expenses of the arbitration. Notwithstanding anything to the contrary in this Agreement, if a final and binding decision has been rendered in an arbitration under the Services Agreement with respect to an action or dispute arising under the Services Agreement, then such final and binding decision shall be accepted by the Parties in lieu of any separate arbitration pursuant to this clause (f) based on the same or substantially similar facts. For avoidance of doubt (i) if such decision is in favor of Arch or any affiliate of Arch, WSIC will not be entitled to make or pursue a guarantee claim under this Agreement that is inconsistent with such final and binding decision.

Umpire Selection Procedure. The arbitrators and Umpire shall be either present or former executive officers of insurance or reinsurance companies or arbitrators certified by XXXXX U.S. The arbitrators and Umpire shall not be under the control of either party, and shall have no financial interest in the outcome of the arbitration. The arbitrators and Umpire shall not be obligated to follow the strict rules of evidence. The decision of a majority of the Arbitration Panel shall be final and binding to the fullest extent permitted by law. The Arbitration Panel shall render its award in writing. Judgment upon the award may be entered in any court having jurisdiction. Unless the Arbitration Panel orders otherwise, each party shall pay an equal share of the fees and expenses of the arbitrators and of the other expenses of the arbitration. Notwithstanding anything to the contrary in this Agreement, if a final and binding decision has been rendered in an arbitration under the Services Agreement with respect to an action or dispute arising under the Services Agreement, then such final and binding decision shall be accepted by the Parties in lieu of any separate arbitration pursuant to this clause (f) based on the same or substantially similar facts. For avoidance of doubt (i) if such decision is in favor of Arch or any affiliate of Arch, WSIC WIC will not be entitled to make or pursue a guarantee claim under this Agreement that is inconsistent with such final and binding decision.