Common use of Arbitration of Disputes; Expenses Clause in Contracts

Arbitration of Disputes; Expenses. The parties agree, to the maximum extent allowed by applicable law, that all disputes that may arise between them relating to the interpretation or performance of this Agreement, including matters relating to any funding arrangements for the benefits provided under this Agreement, shall be determined by binding arbitration through an arbitrator approved by the American Arbitration Association or other arbitrator mutually acceptable to the parties. The arbitration shall proceed in accordance with the provisions of the Federal Arbitration Act and the rules and procedures of the American Arbitration Association. The parties agree that the arbitrators shall apply the laws of the State of Georgia and any applicable federal law. Unless otherwise agreed by the parties, all arbitration proceedings shall be held in Atlanta, Georgia. The award of the arbitrators shall be issued within sixty (60) days of the close of the hearing or the submission of post-hearing memoranda, whichever is later, and shall include each arbitrator's individual vote. The award of the arbitrator shall be final and binding upon the parties and judgment upon the award rendered may be entered in any court having jurisdiction in the State of Georgia. In the event the Executive incurs legal fees and other expenses in seeking to obtain or to enforce any rights or benefits provided by this Agreement and its successful, in whole or in part, in obtaining or enforcing any such rights or benefits through settlement, arbitration or otherwise, the Company shall promptly pay the Executive's reasonable legal fees and expenses incurred in enforcing this Agreement. Except to the extent provided in the preceding sentence, each party shall pay its own legal fees and other expenses associated with the arbitration, provided that the fee for the arbitrator shall be shared equally.