Common use of Failure to Reach Agreement; Arbitration Clause in Contracts

Failure to Reach Agreement; Arbitration. (1) If the Dispute cannot be resolved within thirty (30) Days of the notice being received by the other Party, whether or not a Dispute meeting has been held, either Party may refer the Dispute to be finally solved by arbitration under the International Chamber of Commerce (“ICC”) Rules, which are deemed to be incorporated by reference into this clause. (2) The number of arbitrators will be three (3), chosen as follows: the ICC will designate a panel of ten (10) potential arbitrators knowledgeable in the subject matter of the Dispute. Each Party will designate, within thirty (30) days of receipt of the list of potential arbitrators, one of the potential arbitrators to serve, and the two arbitrators so designated will select a third arbitrator from the eight remaining candidates. The seat, or legal place, of arbitration will be New York, New York, USA, and the language to be used in the arbitration will be English. (3) By agreeing to arbitration, the Parties do not intend to deprive any competent court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment, or other order in aid of the arbitration proceedings or the enforcement of any award. Any interim or provisional relief ordered by any competent court may be vacated, continued, or modified by the arbitral tribunal on the application of either Party.

Failure to Reach Agreement; Arbitration. (1) If the Dispute dispute cannot be resolved within thirty fourteen (3014) Days of the notice being received by the other Party, whether or not a Dispute dispute meeting has been held, either Party may refer the Dispute to dispute be finally solved by arbitration under the International Chamber of Commerce (“ICC”) Rules, which are deemed to be incorporated by reference into this clause. (2) The number of arbitrators will be three (3)) arbitrators, chosen as follows: the ICC will designate a panel of ten (10) potential arbitrators knowledgeable in the subject matter of the Disputedispute. Each Party Seller and Company will each designate, within thirty (30) days of receipt of the list of potential arbitrators, one (1) of the potential arbitrators to serve, and the two arbitrators so designated will select a third arbitrator from the eight remaining candidates. The seat, or legal place, of arbitration will be New York, New York, USA, and the language to be used in the arbitration will be English. (3) By agreeing to arbitrationarbitration in accordance with this clause, the Parties do not intend to deprive any competent court of its jurisdiction to issue a pre-pre- arbitral injunction, pre-arbitral attachment, attachment or other order in aid of the arbitration proceedings or the enforcement of any award. Any interim or provisional relief ordered by any competent court may subsequently be vacated, continued, continued or modified by the arbitral tribunal on the application of either Party.