Non-Binding Mediation / Binding Arbitration Clause Samples

Non-Binding Mediation / Binding Arbitration. Any dispute, controversy, or claim arising under or relating to this Agreement ("ARBITRABLE DISPUTE") shall be resolved by final and binding arbitration in New York, New York pursuant to the American Arbitration Association Commercial Arbitration Rules, subject to the following: (a) Any party may demand that any Arbitrable Dispute be submitted to binding arbitration. The demand for arbitration shall be in writing, shall be served on the other party in the manner prescribed herein for the giving of notices, and shall set forth a short statement of the factual basis for the claim, specifying the matter or matters to be arbitrated. (b) The arbitration shall be conducted by a single arbitrator (the "ARBITRATOR"). All arbitration proceedings shall take place in New York, New York. (c) Except as provided herein: (i) each party shall bear its own "COSTS AND FEES," which are defined as all reasonable pre-award expenses of the arbitration, including travel expenses, out-of-pocket expenses (including, but not limited to, copying and telephone) witness fees, and reasonable attorney's fees and expenses; (ii) the fees and expenses of the Arbitrator and all other costs and expenses incurred in connection with the arbitration ("ARBITRATION EXPENSES") shall be borne equally by the parties; and (iii) notwithstanding the foregoing, the Arbitrator shall be empowered to require any one or more of the parties to bear all or any portion of such Costs and Fees and/or the fees and expenses of the Arbitrator in the event that the Arbitrator determine such party has acted unreasonably or in bad faith. (d) The Arbitrator shall have the authority to award any remedy or relief that a Court of the State of Delaware could order or grant, including, without limitation, specific performance of any obligation created under the Agreement, the awarding of punitive damages, the issuance of an injunction, or the imposition of sanctions for abuse or frustration of the arbitration process. Such decision and award shall be in writing and counterpart copies thereof shall be delivered to each party. The decision and award of the Arbitrator shall be binding on all parties. In rendering such decision and award, the Arbitrator shall not add to, subtract from or otherwise modify the provisions of this Agreement. Any party to the arbitration may seek to have judgment upon the award rendered by the Arbitrator entered in any court having jurisdiction thereof.