Common use of Arbitration under the Building Contract Clause in Contracts

Arbitration under the Building Contract. in the event that the Builder and/or the Borrower resort to arbitration as provided in Article XXVII of the Building Contract, immediately notify the Agent in writing that such arbitration has been initiated, advise the Agent in writing of the identity of the appointed arbitrators and upon termination of the arbitration notify the Agent in writing to that effect and supply the Agent with a copy of the arbitration award and a certified English translation thereof (if the award is not in English);