Common use of Mediation and Arbitration Clause in Contracts

Mediation and Arbitration. Any controversy or claim arising out of or in relation to this Agreement or the validity, construction or performance of this Agreement, or the breach thereof, shall be resolved by private arbitration before a single arbitrator pursuant to the procedures set forth herein. In selecting a single arbitrator, in the event the parties are unable to reach a mutual decision on the arbitrator within a commercially reasonable time, the Employee and the Company, through their attorneys, shall submit three names to the Chief Financial Officer/Treasurer of the Company, who in turn, shall place the names on separate sheets of paper of equal dimension, fold and place in a container for selection. The parties may either, within a commercially reasonable period of time, (a) meet in person to select a name out of the container, (b) agree to do the selection through a video feed of the process, or (c) have the Chief Financial Officer/Treasurer turn over the container to an independent third-party at his choosing, who in turn would commence the drawing and then provide the parties with the name of the arbitrator chosen. The parties agree to waive any and all claims or defenses related to the selection of the arbitrator. The parties shall have the right to engage in pre-hearing discovery in connection with such arbitration proceedings. The parties agree hereto that they will abide by and perform any award rendered in any arbitration conducted pursuant hereto, that any court having jurisdiction thereof may issue a judgment based upon such award and that the prevailing party in such arbitration and/or confirmation proceeding shall be entitled to recover its reasonable attorneys' fees and expenses. The arbitration award shall be final, binding and non-appealable. The Parties agree to utilize the arbitration rules of the American Arbitration Association for all aspects of the private arbitration.

Mediation and Arbitration. Any controversy or claim arising out of or in relation to this Agreement or the validity, construction or performance of this Agreement, or the breach thereof, shall be resolved by private arbitration before a single arbitrator pursuant to the procedures set forth herein. In selecting a single arbitrator, in the event the parties are unable to reach a mutual decision on the arbitrator within a commercially reasonable time, the Employee and the Company, through their attorneys, shall submit three names to the Chief Financial Officer/Treasurer of the Company, who in turn, shall place the names on separate sheets of paper of equal dimension, fold and place in a container for selection. The parties may either, within a commercially reasonable period of time, (a) meet in person to select a name out of the container, (b) agree to do the selection through a video feed of the process, or (c) have the Chief Financial Officer/Treasurer turn over the container to an independent third-party at his her choosing, who in turn would commence the drawing and then provide the parties with the name of the arbitrator chosen. The parties agree to waive any and all claims or defenses related to the selection of the arbitrator. The parties shall have the right to engage in pre-hearing discovery in connection with such arbitration proceedings. The parties agree hereto that they will abide by and perform any award rendered in any arbitration conducted pursuant hereto, that any court having jurisdiction thereof may issue a judgment based upon such award and that the prevailing party in such arbitration and/or confirmation proceeding shall be entitled to recover its reasonable attorneys' fees and expenses. The arbitration award shall be final, binding and non-appealable. The Parties agree to utilize the arbitration rules of the American Arbitration Association for all aspects of the private arbitration.