Common use of Arbitration Proceedings and Award Clause in Contracts

Arbitration Proceedings and Award. (i) Each member of the Arbitration Panel shall be licensed to practice law in the United States of America, shall have engaged in the practice of law for at least fifteen (15) years, shall have substantial experience in commercial litigation, shall not currently represent or have formerly represented Wolverine, Xxxxxxx or any Affiliate of Wolverine or Xxxxxxx, or W/Investments or Wolverine Shanghai, or any officer or director of an Owner or any Affiliate of Wolverine, Xxxxxxx, or of W/Investments, or Wolverine Shanghai. (ii) Each party to the arbitration proceedings shall have the right to request reasonable discovery pursuant to the rules then in effect under the Federal Rules of Civil Procedure and the Federal Rules of Evidence, each as then in effect, which discovery shall not exceed a period of ninety (90) days and/or the period required for all testimony to be transcribed. The Arbitration Panel shall not have any right to amend this Agreement without the written consent of the parties. (iii) The Arbitration Panel shall use its best efforts to commence and conclude all arbitration activities (including, without limitation, the rendering of its written award) within one hundred eighty (180) days following the appointment of the third independent arbitrator. Any and all awards of the Arbitration Panel (including any interest which the Arbitration Panel shall deem to be part of any such award) shall be in writing and shall set out the grounds of such award or awards and shall be final, conclusive, and binding on the parties; and any judgment thereon may be entered and enforced in any court of competent jurisdiction. (iv) The Arbitration Panel shall determine and award, as between the parties to the arbitration proceedings, in the manner and amount as the Arbitration Panel determines appropriate and equitable, the fees, costs and expenses of the arbitration proceeding and those incurred by the parties to the arbitration proceedings (including reasonable attorneys’ fees). The Arbitration Panel shall render its award, which shall be final, not subject to appeal or review, and binding on the parties. In addition, such award shall be in writing, apply legal principles consistent with the terms of this Agreement, and set forth the reason or reasons for its award. The Arbitration Panel shall have the authority to award equitable relief which shall be binding upon the parties to the arbitration proceedings (including without limitation, enjoining the parties to the arbitration proceedings to take or refrain from taking specific action with respect to subject matter of the matter or disagreement); provided, however, no party to the arbitration proceedings shall seek, and the Arbitration Panel shall have no authority to award, any punitive, special, or consequential damages or damages for lost business opportunity or for loss of profits relating to any matters under, arising out of, or in connection with or relating to this Agreement or otherwise subject to arbitration. (v) The Arbitration Panel shall issue the arbitration award in New York, New York, and each party to this Agreement agrees that such award shall constitute a foreign arbitral award with respect to each country in which such party conducts business. The Arbitration Panel shall determine and may award, between the parties to the arbitration proceedings, in the manner and amount as the Arbitration Panel determines appropriate and equitable, the fees, costs and expenses of the arbitration proceedings and those incurred by such parties (including reasonable attorneys’ fees) and may award interest on any awards of the Arbitration Panel; provided, however, that each party to the arbitration proceedings shall pay its own costs associated with or arising from the arbitration proceedings, unless the written arbitration award expressly provides otherwise. Until issuance of the arbitration award, the parties to this Agreement shall continue to perform this Agreement, and any other agreements or instruments executed in connection with or in the performance of this Agreement, in accordance with their respective terms.

Arbitration Proceedings and Award. (i) Each member of the Arbitration Panel shall be licensed to practice law in the United States of America, shall have engaged in the practice of law for at least fifteen (15) years, shall have substantial experience in commercial litigation, shall not currently represent or have formerly represented Wolverine, Xxxxxxx Purchaser, or any Affiliate of Wolverine or XxxxxxxPurchaser, or W/Investments or Wolverine Shanghai, or any officer or director of an Owner Wolverine, Purchaser or any Affiliate of Wolverine, XxxxxxxWolverine or Purchaser, or of W/Investments, Investments or Wolverine Shanghai. (ii) Each party to the arbitration proceedings shall have the right to request reasonable discovery pursuant to the rules then in effect under the Federal Rules of Civil Procedure and the Federal Rules of Evidence, each as then in effect, which discovery shall not exceed a period of ninety (90) days and/or the period required for all testimony to be transcribed. The Arbitration Panel shall not have any right to amend this Option Agreement without the written consent of the parties. (iii) The Arbitration Panel shall use its best efforts to commence and conclude all arbitration activities (including, without limitation, the rendering of its written award) within one one-hundred eighty (180) days following the appointment of the third independent arbitrator. Any and all awards of the Arbitration Panel (including any interest which the Arbitration Panel shall deem to be part of any such award) shall be in writing and shall set out the grounds of such award or awards and shall be final, conclusive, and binding on the parties; , and any judgment thereon may be entered and enforced in any court of competent jurisdiction. (iv) The Arbitration Panel shall determine and award, as between the parties to the arbitration proceedingsparties, in the manner and amount as the Arbitration Panel determines appropriate and equitable, the fees, costs and expenses of the arbitration proceeding and those incurred by the parties to the arbitration proceedings (including reasonable attorneys’ fees)) and may award interest on any awards of the Arbitration Panel. The Arbitration Panel shall render its award, which shall be final, not subject to appeal or review, and binding on the parties. In addition, such award shall be in writing, apply legal principles consistent with the terms of this Option Agreement, and set forth the reason or reasons for its award. The Arbitration Panel shall have the authority to award equitable relief which shall be binding upon the parties to the arbitration proceedings Purchaser, Wolverine, or W/Investments (including without limitation, enjoining the parties to the arbitration proceedings any such entity to take or refrain from taking specific action with respect to subject matter of the matter or disagreement); provided, however, no party to the arbitration proceedings neither Wolverine, W/Investments, nor Purchaser shall seek, and the Arbitration Panel shall have no authority to award, any punitive, special, or consequential damages damages, or damages for lost profits or loss of business opportunity or for loss of profits relating to any matters under, arising out of, or in connection with or relating to this Option Agreement or otherwise subject to arbitration. (v) The Arbitration Panel shall issue the arbitration award in New York, New York, and each party to this Agreement agrees Wolverine, Purchaser, and W/Investments, each, agree that such award shall constitute a foreign arbitral award with respect to each country in which such party conducts business. The Arbitration Panel shall determine and may award, between the parties to the arbitration proceedingsparties, in the manner and amount as the Arbitration Panel determines appropriate and equitable, the fees, costs and expenses of the arbitration proceedings proceeding and those incurred by such the parties (including reasonable attorneys’ fees) and may award interest on any awards of the Arbitration Panel; provided, however, that each party to the arbitration proceedings shall pay its own costs associated with or arising from the arbitration proceedings, unless the written arbitration award expressly provides otherwise. Until issuance of the arbitration award, the parties to this Option Agreement shall continue to perform this Option Agreement, and any other agreements or instruments executed in connection with or in the performance of this Option Agreement, in accordance with their respective terms.

Arbitration Proceedings and Award. (i) Each member of the Arbitration Panel shall be licensed to practice law in the United States of America, shall have engaged in the practice of law for at least fifteen (15) years, shall have substantial experience in commercial litigation, shall not currently represent or have formerly represented Wolverine, Xxxxxxx or any Affiliate of Wolverine or Xxxxxxx, or W/Investments W Holdings or Wolverine Shanghai, or any officer or director of an Owner or any Affiliate of Wolverine, Xxxxxxx, or of W/InvestmentsW Holdings, or Wolverine Shanghai. (ii) Each party to the arbitration proceedings shall have the right to request reasonable discovery pursuant to the rules then in effect under the Federal Rules of Civil Procedure and the Federal Rules of Evidence, each as then in effect, which discovery shall not exceed a period of ninety (90) days and/or the period required for all testimony to be transcribed. The Arbitration Panel shall not have any right to amend this Agreement without the written consent of the parties. (iii) The Arbitration Panel shall use its best efforts to commence and conclude all arbitration activities (including, without limitation, the rendering of its written award) within one hundred eighty (180) days following the appointment of the third independent arbitrator. Any and all awards of the Arbitration Panel (including any interest which the Arbitration Panel shall deem to be part of any such award) shall be in writing and shall set out the grounds of such award or awards and shall be final, conclusive, and binding on the parties; and any judgment thereon may be entered and enforced in any court of competent jurisdiction. (iv) The Arbitration Panel shall determine and award, as between the parties to the arbitration proceedings, in the manner and amount as the Arbitration Panel determines appropriate and equitable, the fees, costs and expenses of the arbitration proceeding and those incurred by the parties to the arbitration proceedings (including reasonable attorneys’ fees). The Arbitration Panel shall render its award, which shall be final, not subject to appeal or review, and binding on the parties. In addition, such award shall be in writing, apply legal principles consistent with the terms of this Agreement, and set forth the reason or reasons for its award. The Arbitration Panel shall have the authority to award equitable relief which shall be binding upon the parties to the arbitration proceedings (including without limitation, enjoining the parties to the arbitration proceedings to take or refrain from taking specific action with respect to subject matter of the matter or disagreement); provided, however, no party to the arbitration proceedings shall seek, and the Arbitration Panel shall have no authority to award, any punitive, special, or consequential damages or damages for lost business opportunity or for loss of profits relating to any matters under, arising out of, or in connection with or relating to this Agreement or otherwise subject to arbitration. (v) The Arbitration Panel shall issue the arbitration award in New York, New York, and each party to this Agreement agrees that such award shall constitute a foreign arbitral award with respect to each country in which such party conducts business. The Arbitration Panel shall determine and may award, between the parties to the arbitration proceedings, in the manner and amount as the Arbitration Panel determines appropriate and equitable, the fees, costs and expenses of the arbitration proceedings and those incurred by such parties (including reasonable attorneys’ fees) and may award interest on any awards of the Arbitration Panel; provided, however, that each party to the arbitration proceedings shall pay its own costs associated with or arising from the arbitration proceedings, unless the written arbitration award expressly provides otherwise. Until issuance of the arbitration award, the parties to this Agreement shall continue to perform this Agreement, and any other agreements or instruments executed in connection with or in the performance of this Agreement, in accordance with their respective terms.