Common use of Commencement of Arbitration Clause in Contracts

Commencement of Arbitration. If a resolution is not reached by the parties prior to the end of the Negotiation Period, each party shall have 10 days from the end of such period to give each other party who received a Dispute Notice written notice of the selection of an independent arbitrator. If only one party gives such written notice, the arbitrator selected by that party (the "FINAL ARBITRATOR") shall make a final and binding determination as to the parties' respective rights and obligations with respect to the matters set forth in the Dispute Notice. If more than one party selects an arbitrator, the persons so selected shall, within 10 days of the last timely notice of such selection, select a different independent arbitrator (also referred to herein as the "FINAL ARBITRATOR") who shall make a final and binding determination of the parties' respective rights and obligations with respect to the matters set forth in the Dispute Notice. Following the selection of the Final Arbitrator, the other arbitrators selected shall have no further responsibilities hereunder. Each arbitrator selected hereunder shall be experienced in the arbitration of complex commercial disputes.

Commencement of Arbitration. If a resolution is not reached by the parties prior to the end of the Negotiation Period, each party shall have 10 days from the end of such period to give each other party who received a Dispute Notice written notice of the selection of an independent arbitrator. If only one party gives such written notice, the arbitrator selected by that party (the "FINAL ARBITRATOR") shall make a final and binding determination as to the parties' respective rights and obligations with respect to the matters set forth in the Dispute Notice. If more than one party selects an arbitrator, the persons arbitrators so selected shall, within 10 days of the last timely notice of such selectionselection of an arbitrator, select a different independent arbitrator (also referred to herein as the "FINAL ARBITRATOR") who shall make a final and binding determination of the parties' respective rights and obligations with respect to the matters set forth in the Dispute Notice. Following the selection of the Final Arbitrator, the other arbitrators selected shall have no further responsibilities hereunder. Each arbitrator selected hereunder shall be experienced in the arbitration of complex commercial disputes.