Common use of Law and Litigation Clause in Contracts

Law and Litigation. Any and all disputes arising out of or relating to this contract shall be arbitrated in the City of New York before a board of three persons, consisting of one arbitrator to be appointed by the Owner, one arbitrator by the Charterer, and one by the two so chosen who will act in the capacity as procedural chairman. Their decision or that of any two of them shall be final and binding, and for the purpose of enforcing the award, this agreement and the award may be made a rule of the court. Either party may call for such arbitration by service upon the other, wherever it may be found, in the form of a written notice specifying the nature of the claim and the name and contact details of their appointed arbitrator. If the other party shall not, by written notice served on the first moving party within 20 days of the service of such first notice, appoint its arbitrator to arbitrate the disputes or differences specified, then the first moving party shall have the right without further notice to appoint a second arbitrator with precisely the same force and effect as if said second arbitrator had been appointed by the other party. Awards by the panel, or a majority thereof, may include costs and reasonable attorneys fees. The arbitration proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc. and the applicable law will be the Federal Maritime Law of the United States.