Common use of Method of Arbitration Clause in Contracts

Method of Arbitration. The arbitration shall be effected by arbitrators selected as hereinafter provided and shall be conducted by the American Arbitration Association in Minneapolis, Minnesota applying the Commercial Arbitration Rules then in effect on the date thereof. The dispute shall be submitted to three arbitrators, each of whom shall have had at least five (5) years’ experience in connection with the Business of the Company, one arbitrator being selected by the Member submitting the controversy or dispute to arbitration, the second arbitrator being selected by the other Member and the third arbitrator being selected by the two arbitrators so selected. Conditions of any such arbitration shall include (a) that the arbitrators shall not have the authority to modify, amend or supplement the terms of this Agreement, and shall interpret this Agreement strictly in accordance with its terms; (b) that the amount of capital required to be contributed by a Member to the Company shall not be increased; and (c) that the Member submitting such controversy or dispute to arbitration shall appoint its arbitrator within fifteen (15) Business Days after the date of such submission. The failure of the Member requesting arbitration to timely appoint such arbitrator shall void the effectiveness of the notice of submission of the matter to arbitration. The second arbitrator to be selected by the other Member as hereinbefore provided shall be selected within fifteen (15) Business Days after receipt of notice by such Member of the selection of the submitting arbitrator and, if the second arbitrator is not so selected, the determination of the single arbitrator selected by the submitting Member shall be binding and conclusive. If the non-submitting Member shall have timely selected the second arbitrator, then the two selected arbitrators shall select the third arbitrator within five (5) Business Days following the selection of the second arbitrator. The meetings of the arbitrators shall be held at such place or places as may be agreed upon by the arbitrators, and each Member shall bear the cost of the fees and expenses of the arbitrator selected by or for it, with the fees and expenses of the third arbitrator to be borne equally. Upon making any order or award, which order may include an order to dissolve the Company pursuant to the provisions of Article X, the arbitrators shall retain jurisdiction to determine any subsequent claim that a defaulting Member has failed to comply with terms of any such order or award. The arbitrators shall have no authority to impose a fine or penalty.

Method of Arbitration. The arbitration shall be effected by arbitrators selected as hereinafter provided and shall be conducted by the American Arbitration Association in Minneapolis, Minnesota applying the Commercial Arbitration Rules then in effect on the date thereof. The dispute shall be submitted to three arbitrators, each of whom who shall have had at least five (5) years’ ' experience in connection with the Business business of the CompanyPartnership, one arbitrator being selected by the Member Partner submitting the controversy or dispute to arbitration, the second arbitrator being selected by the other Member Partner and the third arbitrator being selected by the two arbitrators so selected. Conditions of any such arbitration shall include (a) that the arbitrators shall not have the authority to modify, amend or supplement the terms of this Agreement, and shall interpret this Agreement strictly in accordance with its terms; (b) that the amount of capital required to be contributed by a Member Partner to the Company partnership shall not be increased; and (c) that the Member Partner submitting such controversy or dispute to arbitration shall appoint its arbitrator within fifteen (15) Business Days after the date of such submission. The failure of the Member Partner requesting arbitration to timely appoint such arbitrator shall void the effectiveness of the notice of submission of the matter to arbitration. The second arbitrator to be selected by the other Member Partner as hereinbefore provided shall be selected within fifteen (15) Business Days after receipt of notice by such Member Partner of the selection of the submitting arbitrator and, if the second arbitrator is not so selected, the determination of the single arbitrator selected by the submitting Member Partner shall be binding and conclusive. If the non-submitting Member Partner shall have timely selected the second arbitrator, then the two selected arbitrators shall select the third arbitrator within five (5) Business Days following the selection of the second arbitrator. The meetings of the arbitrators shall be held at such place or places as may be agreed upon by the arbitrators, and each Member Partner shall bear the cost of the fees and expenses of the arbitrator selected by or for it, with the fees and expenses of the third arbitrator to be borne equally. Upon making any order or award, which order may include an order to dissolve the Company Partnership pursuant to the provisions of Article X, the arbitrators shall retain jurisdiction to determine any subsequent claim that a defaulting Member Partner has failed to comply with terms of any such order or award. The arbitrators shall have no authority to impose a fine or penalty.

Method of Arbitration. The arbitration shall be effected by arbitrators selected as hereinafter provided and shall be conducted by the American Arbitration Association in MinneapolisChicago, Minnesota Illinois applying the Commercial Arbitration Rules then in effect on the date thereof. The dispute shall be submitted to three arbitrators, each of whom who shall have had at least five (5) years’ ' experience in connection with the Business business of the CompanyPartnership, one arbitrator being selected by the Member Partner submitting the controversy or dispute to arbitration, the second arbitrator being selected by the other Member Partner and the third arbitrator being selected by the two arbitrators so selected. Conditions of any such arbitration shall include (a) that the arbitrators shall not have the authority to modify, amend or supplement the terms of this Agreement, Agreement and shall interpret this Agreement strictly in accordance with its terms; and (b) that the amount of capital required to be contributed by a Member to the Company shall not be increased; and (c) that the Member Partner submitting such controversy or dispute to arbitration shall appoint its arbitrator within fifteen (15) Business Days after the date of such submission. The failure of the Member Partner requesting arbitration to timely appoint such arbitrator shall void the effectiveness of the notice of submission of the matter to arbitration. The second arbitrator to be selected by the other Member Partner as hereinbefore provided shall be selected within fifteen (15) Business Days after receipt of notice by such Member Partner of the selection of the submitting arbitrator and, if the second arbitrator is not so selected, the determination of the single arbitrator selected by the submitting Member Partner shall be binding and conclusive. If the non-submitting Member Partner shall have timely selected the second arbitrator, then the two selected arbitrators shall select the third arbitrator within five (5) Business Days following the selection of the second arbitrator. The meetings of the arbitrators shall be held at such place or places as may be agreed upon by the arbitrators, and each Member Partner shall bear the cost of the fees and expenses of the arbitrator selected by or for it, with the fees and expenses of the third arbitrator to be borne equally. Upon making any order or award, which order may include an order to dissolve the Company Partnership pursuant to the provisions of Article X, the arbitrators shall retain jurisdiction to determine any subsequent claim that a defaulting Member Partner has failed to comply with terms of any such order or award. The arbitrators shall have no authority to impose a fine or penalty.

Method of Arbitration. The arbitration shall be effected by arbitrators selected as hereinafter provided and shall be conducted by the American Arbitration Association in Minneapolis, Minnesota applying the Commercial Arbitration Rules then in effect on the date thereof. The dispute shall be submitted to three arbitrators, each of whom shall have had at least five (5) years’ ' experience in connection with the Business of the Company, one arbitrator being selected by the Member submitting the controversy or dispute to arbitration, the second arbitrator being selected by the other Member and the third arbitrator being selected by the two arbitrators so selected. Conditions of any such arbitration shall include (a) that the arbitrators shall not have the authority to modify, amend or supplement the terms of this Agreement, and shall interpret this Agreement strictly in accordance with its terms; (b) that the amount of capital required to be contributed by a Member to the Company shall not be increased; and (c) that the Member submitting such controversy or dispute to arbitration shall appoint its arbitrator within fifteen (15) Business Days after the date of such submission. The failure of the Member requesting arbitration to timely appoint such arbitrator shall void the effectiveness of the notice of submission of the matter to arbitration. The second arbitrator to be selected by the other Member as hereinbefore provided shall be selected within fifteen (15) Business Days after receipt of notice by such Member of the selection of the submitting arbitrator and, if the second arbitrator is not so selected, the determination of the single arbitrator selected by the submitting Member shall be binding and conclusive. If the non-submitting Member shall have timely selected the second arbitrator, then the two selected arbitrators shall select the third arbitrator within five (5) Business Days following the selection of the second arbitrator. The meetings of the arbitrators shall be held at such place or places as may be agreed upon by the arbitrators, and each Member shall bear the cost of the fees and expenses of the arbitrator selected by or for it, with the fees and expenses of the third arbitrator to be borne equally. Upon making any order or award, which order may include an order to dissolve the Company pursuant to the provisions of Article X, the arbitrators shall retain jurisdiction to determine any subsequent claim that a defaulting Member has failed to comply with terms of any such order or award. The arbitrators shall have no authority to impose a fine or penalty.