Industry Arbitrator Clause Samples
The Industry Arbitrator clause designates that any disputes arising under the agreement will be resolved by an arbitrator with specific expertise or experience in the relevant industry. In practice, this means that if a conflict occurs, the parties will select an arbitrator who understands the technical, commercial, or regulatory context of their business sector, such as construction, technology, or finance. This approach ensures that the dispute is adjudicated by someone familiar with industry norms and practices, thereby promoting fairer and more informed decisions and reducing the risk of misunderstandings due to lack of subject-matter knowledge.
Industry Arbitrator. (i) With respect to matters referred by either Party to the Industry Arbitrator concerning which the Arbitrator has jurisdiction, as soon as practicable a hearing shall be conducted and a written Award issued. The Award of the Industry Arbitrator shall be final and binding upon the Parties hereto.