Common use of NEGOTIATION, MEDIATION AND ARBITRATION Clause in Contracts

NEGOTIATION, MEDIATION AND ARBITRATION. Any dispute with respect to this Agreement, with the exception of disputes arising under Section 5, shall first be submitted to good faith negotiation within 10 days of notice. If this fails to settle the dispute, then both parties agree to submit the dispute within thirty (30) days of notice to professional mediation under the Commercial Mediation Rules of the American Arbitration Association, with such costs to be borne equally by both parties. If mediation fails to produce resolution of the dispute, then the dispute shall be submitted to binding arbitration in the City of Phoenix, Arizona. In accordance with the rules of the American Arbitration Association as then in force, by a panel of three arbitrators. Executive and Company shall each select one member of the panel, and the third remaining member shall be selected through mutual agreement of the first two panel members. The panel shall decide all matters in accordance with applicable law and this Agreement. All costs in connection with any proceedings hereunder shall be borne equally by the parties, unless otherwise determined by the panel. The panel's award shall be final, conclusive, and binding on all parties, and shall be the exclusive remedy regarding any claims, counter-claims, issues, or accounting presented or pled to the panel. Judgment on the award may be entered in any court or other tribunal of competent jurisdiction. All costs and fees incidental to the enforcement of any award shall be charged, to the maximum permitted extent, against the party resisting enforcement. Notwithstanding the foregoing, this Section shall not limit the right of any party to seek to obtain in any court or other tribunal any interim relief or provisional remedy, including, without limitation, injunctive relief or attachment. Seeking or obtaining such interim relief or provisional remedy shall not constitute waiver of the right to arbitration hereunder.