Interest on Arbitration Award Sample Clauses

Interest on Arbitration Award. Where the arbitral award is for the payment of money, interest @ 15% per annum shall be payable on whole or any part of the money for the period it is accrued, till the date on which the award is made.
AutoNDA by SimpleDocs
Interest on Arbitration Award. Where the arbitral award is for the payment of money, no interest shall be payable on whole or any part of the money for any period, till the date on which the award is made.

Related to Interest on Arbitration Award

  • Step 4 - Arbitration After receipt of a notice to arbitrate from the Lodge President, designees of the City Manager and the Lodge President shall attempt to agree on an arbitrator. If this attempt is not successful or is waived, the arbitrator shall be selected by the parties making a joint request to the Federal Mediation and Conciliation Service (FMCS) for a panel list of nine (9) arbitrators with business addresses in Ohio. The parties shall then choose an arbitrator by alternately striking names from the list until such time as one (1) name remains as the arbitrator chosen by the parties. Prior to beginning the striking procedure, either the Employer or the Lodge may reject the list and submit a request for another list from the arbitration tribunal. Each party may only reject the list once. In issuing an award, the arbitrator shall be limited to the enforcement of the specific provisions of the Agreement. The arbitrator may not alter, amend, modify, add to or subtract from the provisions of the Agreement. The question of arbitrability of a grievance may be raised by the Employer or the Lodge before the arbitration hearing on the grounds that the matter is nonarbitrable or beyond the arbitrator's jurisdiction. The first question to be placed before an arbitrator will be whether or not the alleged grievance is within the purview of arbitrability. Thereafter, the alleged grievance will be heard on its own merits before the same arbitrator. The decision of the arbitrator shall be final and binding, subject to appeal under applicable state law. The arbitrator shall be without authority to recommend any right to relief on any alleged grievance occurring at any other time than the agreement period in which the right originated. The arbitrator shall not establish any new or different wage rates not negotiated as part of the Agreement. In case of discharge, suspension or reduction, the arbitrator shall have the authority to award modification of said discipline. Both the Lodge and the Employer shall share equally in the cost of the arbitration proceedings. Any member whose testimony is relevant to the arbitration, shall be released with pay to attend the hearing, provided that the hearing is held during the member's regular work hours. The expenses of any non-member witnesses shall be borne by the party requesting the non-member's attendance at the Arbitration Hearing. The arbitrator shall render in writing his or her findings and the award as quickly as possible within thirty (30) calendar days after the hearing is closed and post-hearing briefs are submitted. The arbitrator shall forward such findings and award to the City Manager, or designee, and to the Lodge President, or designee.

  • Step Four - Arbitration 1. With respect to all non-disciplinary grievances and disciplinary cases involving the discharge, suspension of three (3) days or more, or the reduction in rank, the OPBA may make a written request that the decision of the underlying grievance be submitted to binding arbitration pursuant to Step Four, hereunder. A written request for appellate arbitration must be submitted to the other party within fourteen (14) calendar days following such party’s receipt of the written decision at Step 3. In the event the decision at Step 3 is not referred to arbitration within the time limits prescribed, the decision of the Trustees or Designee shall be final and binding upon the OPBA, the member and the Township. 2. Upon receipt of a request for appellate arbitration, the Township and the OPBA shall, within fourteen (14) calendar days following the request for arbitration, jointly agree to an arbitrator or request a list of seven (7) impartial arbitrators from the Federal Mediation and Conciliation Service (FMCS). Upon receipt of the list of seven (7) arbitrators, the parties shall meet to select an arbitrator within fourteen (14) calendar days from the date the list is received. The parties shall use the alternate strike method from the list of seven (7) arbitrators submitted to the parties by the FMCS. The party requesting the arbitration shall be the first (1st) to strike a name and alternate in this manner until one (1) name remains on the list. The remaining name shall be designated as the arbitrator to hear the dispute in question. Either party shall have the right to elect to reject the list in its entirety and to request the submission of a new seven (7) member panel, which election may only be exercised once. All procedures relative to the hearing shall be in accordance with the rules and regulations of the FMCS. The arbitrator shall hold the appellate arbitration promptly and issue a decision within a reasonable time thereafter. 3. The arbitrator shall determine the grievance in accordance with the terms of the Agreement in effect on the date of the incident giving rise to the grievance. 4. The arbitrator shall not have the authority to add to, subtract from, modify, change or alter any provision of this Agreement. The arbitrator shall be confined solely to the issues submitted for arbitration. The arbitrator shall not establish any new or different wage rates not negotiated as part of this Agreement. In cases of discharge, suspension or reduction in rank, the arbitrator shall have the authority to order modification of said discipline for the offense charged. In the event of a monetary award, the arbitrator shall limit any retroactive settlement to no earlier time than forty-five (45) calendar days prior to the date the grievance was presented to the Township in Step One of the Grievance Procedure. 5. The question of arbitrability of a grievance may be raised by either party before the arbitration hearing of the grievance, on the grounds that the matter is non- arbitrable or beyond the arbitrator’s jurisdiction. The first question to be placed before the arbitrator will be whether or not the alleged grievance is arbitrable. If the arbitrator determines the grievance is not arbitrable, the arbitrator shall render no decision on the merits. 6. The decision of the arbitrator shall be final and binding upon the OPBA, the member and the Township. Any cost involved in obtaining the list of arbitrators shall be equally divided between the Township and the OPBA. All costs directly related to the services of the arbitrator shall be paid by the losing party. Expenses, if any, of the witnesses shall be borne by the party calling the witness except that member witnesses on duty time shall not lose any wages due from the Township. The fees of the court reporter shall be paid by the party asking for one. The fees of the court reporter shall be split equally if both parties desire a court reporter’s recording, or request a copy of any transcript. The Township shall not incur any overtime expense as a result of this Step.

  • Arbitration Award All arbitration awards shall be final and binding as provided by Section 42 of the Trade Union Act. An arbitrator may not alter, modify or amend any part of this Agreement, but shall have the power to modify or set aside any unjust penalty of discharge, suspension or discipline imposed by the Employer on an Employee.

  • Level Four - Arbitration If the grievance is not satisfactorily resolved at the Level Three conference, the grievance shall be submitted to an independent Arbitrator if such request is made within ten (10) days of the Level Three conference. The Arbitrator shall be selected by mutual agreement from the following list. Xxxxxxx Xxxxxxx Xxxxxxx XxxXxxxxx Xxxx Xxxxxx Xxxx Xxxxxxx If no arbitrator can be agreed upon, one shall be chosen by a drawing from the same list. After an arbitrator has been utilized, their name will be placed on the bottom of the list. If any of these arbitrators drops from the list for any reason, a replacement shall be negotiated and agreed upon by the Association and the Employer. The hearing shall be conducted by the Arbitrator selected in the manner described above but independently from the American Arbitration Association. a. The duty and responsibility of the Arbitrator is to apply and interpret the express provisions of the agreement and shall not have the authority to add to, subtract from, alter, modify, vary, or ignore the terms of the Agreement or to determine that any provision is unconstitutional or contrary to any federal or state law or regulation, it being expressly agreed that any such determination shall be made by a court of law. b. The Arbitrator shall be requested to render his written decision within thirty (30) calendar days from the conclusion of the hearing or submission of briefs. c. The rules may be amended in writing by the mutual agreement of the parties. d. Either party shall have the right within ten (10) days from the receipt of the decision of the Arbitrator to apply to a court of competent jurisdiction for a rehearing of the claim both as to the facts and the law, provided however, that if application in not made within such time, the decision of the Arbitrator shall be binding.

  • Mediation/Arbitration All disputes arising out of this Agreement shall be resolved as set forth in this Section 14. If any party hereto desires to make any claim arising out of this Agreement ("Claimant"), then such party shall first deliver to the other party ("Respondent") written notice ("Claim Notice") of Claimant's intent to make such claim explaining Claimant's reasons for such claim in sufficient detail for Respondent to respond. Respondent shall have ten (10) business days from the date the Claim Notice was given to Respondent to object in writing to the claim ("Notice of Objection"), or otherwise cure any breach hereof alleged in the Claim Notice. Any Notice of Objection shall specify with particularity the reasons for such objection. Following receipt of the Notice of Objection, if any, Claimant and Respondent shall immediately seek to resolve by good faith negotiations the dispute alleged in the Claim Notice, and may at the request of either party, utilize the services of an independent mediator. If Claimant and Respondent are unable to resolve the dispute in writing within ten (10) business days from the date negotiations began, then without the necessity of further agreement of Claimant or Respondent, the dispute set forth in the Claim Notice shall be submitted to binding arbitration (except for claims arising out of Sections 3 or 7 hereof), initiated by either Claimant or Respondent pursuant to this Section. Such arbitration shall be conducted before a panel of three (3) arbitrators in Tampa, Florida, in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association ("AAA") then in effect provided that the parties may agree to use arbitrators other than those provided by the AAA. The arbitrators shall not have the authority to add to, detract from, or modify any provision hereof nor to award punitive damages to any injured party. The arbitrators shall have the authority to order back-pay, severance compensation, vesting of options (or cash compensation in lieu of vesting of options), vesting and the removal of restrictions on restricted stock and/or restricted stock units (or comparable forms of equity compensation, if any) that, as of the effective date of the termination of Executive, are not then subject to any performance conditions for vesting, reimbursement of costs, including those incurred to enforce this Agreement, and interest thereon in the event the arbitrators determine that Executive was terminated without disability or without Good Cause, as defined in Sections 4(b) and 4(c) hereof, respectively, or that the Company has otherwise materially breached this Agreement. A decision by a majority of the arbitration panel shall be final and binding. Judgment may be entered on the arbitrators' award in any court having jurisdiction. The direct expense of any mediation or arbitration proceeding and, to the extent Executive prevails, all reasonable legal fees shall be borne by the Company.

  • Cost of Arbitration The fees for a single Arbitrator or a Chair of a Board of Arbitration shall be shared equally by the parties. Other costs incurred by each party shall be the responsibility of that party.

  • Selection of an Arbitrator The parties will reach agreement on a mutually acceptable arbitrator as needed. If agreement cannot be obtained between the parties then either party can apply to the Minister of Labour to have an arbitrator appointed.

  • Referral to Arbitration Such notification shall specify the party’s choice of whether it wishes to utilize the regular arbitration procedure or the expedited arbitration procedure, as provided for within this Article. In the event that a grievance is submitted to the regular arbitration process, it shall be heard by a single arbitrator, unless either party requests that it be heard by a three-member arbitration board.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!