Common use of Initiation of Arbitration; Selection of Arbitrators Clause in Contracts

Initiation of Arbitration; Selection of Arbitrators. If the Parties are unable to negotiate an amicable resolution of any dispute within a reasonable period of time, deemed to be not more than thirty (30) days unless otherwise agreed by the Parties, either Party may refer the matter in dispute to arbitration by providing written notice to the other Party. Within thirty (30) days of the receipt of such written notice, the Parties shall by mutual agreement select an arbitrator to conduct arbitration proceedings. If the Parties can agree within such period upon the nomination of a single arbitrator for the dispute, such person shall serve as sole arbitrator of the dispute. If the Parties do not agree upon the nomination of a single arbitrator within such thirty (30) day period, each Party shall nominate an arbitrator by serving on the other Party a notice identifying its arbitrator within seven (7) days after the 30th day, and those two arbitrators shall nominate the third to serve with them within fourteen (14) days after the date the latter of them is nominated. In the event the two arbitrators fail for any reason to name the third arbitrator within fourteen (14) days after the nomination of the last nominated one of them, then the third arbitrator. shall be chosen by the American Arbitration Association. The arbitrator(s) shall be qualified by training and experience to resolve the dispute, and a sole or third arbitrator shall be impartial.

Initiation of Arbitration; Selection of Arbitrators. If the Parties are unable to negotiate an amicable resolution of any dispute within a reasonable period of time, deemed to be not more than thirty (30) days unless otherwise agreed by the Parties, either Party may refer the matter in dispute to arbitration by providing written notice to the other Party. Within thirty (30) days of the receipt of such written notice, the Parties shall by mutual agreement select an arbitrator to conduct arbitration proceedings. If the Parties can agree within such period upon the nomination of a single arbitrator for the dispute, such person shall serve as sole arbitrator of the dispute. If the Parties do not agree upon the nomination of a single arbitrator within such thirty (30) day period, each Party shall nominate an arbitrator by serving on the other Party a notice identifying its arbitrator within seven (7) days after the 30th day, and those two arbitrators shall nominate the third to serve with them within fourteen (14) days after the date the latter of them is nominated. In the event the two arbitrators fail for any reason to name the third arbitrator within fourteen (14) days after the nomination of the last nominated one of them, then the third arbitrator. arbitrator shall be chosen by the American Arbitration Association. The arbitrator(s) shall be qualified by training and experience to resolve the dispute, and a sole or third arbitrator shall be impartial.