Common use of Arbitration/Sole Remedy for Breach of Agreement Clause in Contracts

Arbitration/Sole Remedy for Breach of Agreement. In the event of any dispute between the Company and the Executive concerning any aspect of the employment relationship, including any disputes upon termination, all such disputes shall be resolved by binding arbitration before a single neutral arbitrator. The arbitrator shall be selected from the "American Arbitration Association." The arbitration shall be held in San Diego, California. The arbitrator is bound to rule only on whether or not there has been a violation of the terms of this employment agreement and to render an award, if any, that is consistent with the terms of this employment agreement. Neither party to this employment agreement is entitled to any legal recourse or rights or remedies other than those provided within this employment agreement. The Executive's sole remedies, are those set forth in this employment agreement. The arbitrator shall determine a "prevailing party" and shall award such prevailing party (i) attorney's fees and costs and (ii) the prevailing party's portion of the costs of arbitration. In the event of any dispute between the Company and the Executive concerning any ownership, use or disclosure of the Company's Confidential Information or other intellectual property, the requirement of arbitration may be waived, at the Company's sole election, and any such dispute may be brought before a court having jurisdiction of the matter.