Common use of GOOD FAITH EFFORTS TO SETTLE DISPUTES Clause in Contracts

GOOD FAITH EFFORTS TO SETTLE DISPUTES. The Purchaser and the Company agree that, prior to commencing any litigation against the other concerning any matter with respect to which such party intends to claim a right of indemnification in such proceeding, the respective chief executive officers (or officers holding such authority) of such parties shall meet in a timely manner and attempt in good faith to negotiate a settlement of such dispute during which time such officers shall disclose to the others all relevant information relating to such dispute. In the event that the parties are unable to amicably resolve the matter or matters in dispute, the parties shall submit all matters still in dispute to arbitration in accordance with the arbitration rules of the American Arbitration Association. The Purchaser shall select an arbitrator and the Company shall select an arbitrator and the two arbitrators so selected shall select a third arbitrator. The decision of the arbitrators shall be final and binding on the parties. Such matter shall be submitted to arbitration within thirty (30) days from the date that either the Company or the Purchaser declares that any matter in dispute cannot be amicable resolved. All costs and expenses of arbitration shall be paid equally by the Purchaser on one hand and the Company on the other. Any cash or other monetary award shall be paid within thirty (30) days of the arbitrators final decision. Arbitration shall be held in Las Vegas, Nevada.