Option Terms - Arbitration Sample Clauses

Option Terms - Arbitration. Lessor and Lessee shall each --------------------------- appoint one arbitrator who shall by profession be an independent real estate broker who shall have been active over the five (5) year period ending on the date of such appointment in the leasing of first-class office buildings in Pasadena, California. The determination of the arbitrators shall be limited solely to the issue of whether Lessor's or Lessee's submitted Option Rent (or First Offer Rent, as the case may be) is the closest to the actual Option Rent (or First Offer Rent, as the case may as determined by the arbitrators, taking into account the requirements of Section 3.6 of this Lease with respect to the Option Rent and Section 1.10 of this Lease with respect to the First Offer Rent. Each such arbitrator shall be appointed within thirty (30) days after the Outside Agreement Date and adopt procedures as follows: (a) The two (2) arbitrators so appointed shall within ten (10) days of the date of the appointment of the last appointed arbitrator agree upon and appoint a third arbitrator who shall be qualified under the same criteria set forth hereinabove for qualification of the initial two (2) arbitrators: (b) The three (3) arbitrators shall with in thirty (30) days after the appointment of the third arbitrator reach a decision as to whether the panel shall use Lessor's or Lessee's submitted Option Rent (or First Offer Rent, as the case may be) and shall notify Lessor and Lessee thereof: (c) The decision of the majority of the three (3) arbitrators shall be binding upon Lessor and Lessee: (d) If either Lessor or Lessee fails to appoint an arbitrator within thirty (30) days after the applicable Outside Agreement Date, the arbitrator appointed by one of them shall reach a decision, notify Lessor and Lessee thereof, and such arbitrator's shall be binding upon Lessor and Lessee; (e) If the two (2) arbitrators fail to agree upon and appoint a third arbitrator within the time period provided above, then the parties shall mutually select the third arbitrator. If Lessor and Lessee are unable to agree upon the third arbitrator within ten (10) days, then either party may upon at least five (5) days prior written notice to the other party, request the Presiding judge of the Los Angeles County Superior Court, acting in his her private and non-judicial capacity, to appoint the third arbitrator. Following the appointment the third arbitrator the panel, of arbitrators shall within thirty (30) days thereafter r...
Option Terms - Arbitration. With respect to the options to purchase provided to the Province pursuant to Sections 6.8 and 6.9, if any of the Patties reasonably believes that all of the essential terms required for the options are not fully set out and the same cannot be resolved by negotiation between the Parties, either ▇▇▇▇▇ may submit such lack of essential term for resolution pursuant to the Dispute Resolution Process and the Arbitrator shall make decisions in respect of such terms based on that which is commercially reasonable in the circumstances.

Related to Option Terms - Arbitration

  • Dispute Resolution; Arbitration (a) At the option of Company or Executive, and to the extent permitted by applicable law, any dispute, controversy or question arising under, based on or relating to this Agreement, or any breach or failure to comply with the terms hereof (each a “Dispute”), shall be finally and exclusively resolved by binding arbitration administered by the American Arbitration Association (“AAA”) under its Commercial Arbitration Rules (the “AAA Rules”). Unless otherwise agreed by the Parties, arbitration of any Dispute shall be conducted before a single arbitrator selected by the Parties and the forum and venue for such arbitration shall be AAA’s Los Angeles Regional Center in Los Angeles, California. Each Party hereby submits to AAA and the selected forum for the arbitration of any Dispute, waives any objection to the venue of such arbitration, and agrees that service of process and other notices, pleadings and documents in any arbitration or proceeding hereunder may be delivered to a Party in accordance with the provisions governing “Notices” in this Agreement. (b) If the Parties are unable to agree upon a neutral arbitrator within thirty (30) days after a Party notifies the other Party in writing of its intent to submit a Dispute to arbitration, either Party may apply to AAA for the appointment of an arbitrator or, if AAA is not then in existence or declines to act, either Party may apply to the Presiding Judge of the Superior Court of any county in the State of California for the appointment of a neutral arbitrator to hear the Parties and settle the Dispute and such Judge is hereby authorized to make such appointment. (c) If the Parties so agree in writing, and subject to the consent of the single arbitrator, hearings and proceedings conducted in the arbitration of any Dispute hereunder may be conducted remotely by secure video conferencing technology that is acceptable to the Parties. (d) The decision or award of the arbitrator shall be in writing and shall set forth detailed reasoning for the award. Discovery shall be conducted expeditiously, bearing in mind the objective of limiting discovery and expediting the decision or award of the arbitrator at the most reasonable cost and expense to the Parties. The decision of the arbitrator shall be final, conclusive and binding on the Parties and no action at law or in equity shall be instituted or, if instituted, prosecuted by either Party other than to enforce the award of the arbitrator. Judgment upon an award rendered pursuant to such arbitration may be entered in any court having jurisdiction or application may be made to such court for a judicial acceptance of the award and/or an order of enforcement, as the case may be.

  • Mediation/Arbitration a. In the event of any dispute under this Agreement, the parties hereto desire to avoid litigation. Accordingly, the aggrieved party will give notice of the dispute to the other party and both parties will attempt to settle the dispute during the thirty (30) day period following such notice. If such dispute remains unsettled, the parties agree to then submit such dispute to mediation. If the parties cannot agree on a mediator, each will select a mediator and the two chosen mediators will select a third mediator who shall alone hear the dispute. Such mediation will, if possible, be conducted during the sixty (60) day period following expiration of the thirty (30) day period. If such mediation fails to resolve the dispute, the parties agree such dispute will be submitted to final and binding arbitration in accordance with the rules of the American Arbitration Association. Unless otherwise directed by the arbitrator, such arbitration must be concluded within ninety (90) days of the expiration of the sixty (60) day period previously specified for mediation. If the parties cannot agree on a single arbitrator, each will select an arbitrator, and the two chosen arbitrators will select a third arbitrator who shall alone decide the dispute. Any mediation or arbitration conducted hereunder will be conducted in Knoxville, Tennessee. The parties hereto shall equally share the costs of mediation (including the mediator’s fees and expenses and costs directly related to the conduct of the mediation, but excluding each party’s direct costs for transportation, attorneys, etc., for which each will be responsible). If any party fails to participate in mediation or arbitration after receipt of notice thereof, then each party hereto agrees that the other party shall have the right to proceed immediately to arbitration and that such other party shall be entitled to select the arbitrator in its sole discretion. Each party further agrees that, in such event, such arbitrator shall have the right to decide the dispute as if the non- participating party were participating in the arbitration and that such decision shall be final and binding upon each party hereto.

  • Expedited Arbitration Procedure The expedited procedure shall be used for either grievances involving Articles exclusively applying to temporary workers or, with the mutual agreement of the Employer and Union, for other grievances. For grievances that do not involve Articles exclusively applying to temporary workers, either the Employer or Union may request in writing that the expedited arbitration procedure be used at the time the Parties are scheduling dates with the arbitrator. (a) The Employer and Union will develop a stipulation of facts and use affidavits and other time-saving methods whenever possible and when mutually agreed upon. (b) Case presentation will be limited to preliminary opening statements, brief recitation of facts, witness presentation and closing oral argument. No post hearing briefs shall be filed or transcripts made. The hearing will be completed within one (1) business day unless otherwise agreed upon by the Parties. (c) The hearing shall be conducted by the arbitrator in whatever manner will most expeditiously permit full presentation of the evidence and arguments of the Parties. (d) The arbitrator may issue, at their discretion, a bench decision at the conclusion of the hearing or may issue a written award no later than seven (7) calendar days from the close of the hearing excluding weekends and holidays. (e) All decisions shall be final and binding on the Employer and Union. An arbitration award will be non-precedential if mutually agreed upon by the Parties before the hearing starts. The arbitrator’s award shall be based on the record and shall include a brief explanation of the basis for the award.

  • Expedited Arbitration (a) The parties may meet, to review outstanding grievances filed at arbitration to determine those grievances suitable for this process, and will set dates and locations for hearings of groups of grievances considered suitable for expedited arbitration. (b) All grievances will be considered suitable for and resolved by expedited arbitration except grievances in the nature of: (1) dismissals; (2) rejection on probation; (3) suspensions in excess of 20 workdays; (4) policy grievances; (5) grievances requiring substantial interpretation of a provision of the collective agreement; (6) grievances requiring presentation of extrinsic evidence; (7) grievances where a party intends to raise a preliminary objection;

  • Step 4 - Arbitration If a grievance is not satisfactorily resolved at Step 3, the Union may submit the grievance to Arbitration. If a written notice of intent to file under the Arbitration Procedure is not received by the Manager of Labor Relations (or designee) within fourteen