Common use of Option to Litigate Clause in Contracts

Option to Litigate. Notwithstanding Clause 16.2 (Arbitration), any Agent may, in the alternative and at its sole discretion, by notice in writing to the Guarantor within 28 days of service of a Request for Arbitration (as defined in the Rules) or in the event no arbitration is commenced, require that such Dispute be heard by a court of law. If the Agent gives such notice, the Dispute to which the notice refers shall be determined in accordance with Clause 16.4 (English courts) and Clause 16.5 (Rights of Agents to take proceedings outside England). If any of the Agents elect for litigation, the parties shall take the steps necessary to terminate any arbitration relating to the Dispute (as described below). Each of the parties to the terminated arbitration will bear its own costs in relation thereto. If any notice to terminate the arbitration in accordance with this Clause 16.3 (Option to litigate) is given after service of any Request for Arbitration in respect of any Dispute, the Agent must also promptly give notice to the LCIA and to any Tribunal (each as defined in the Rules) already appointed in relation to the Dispute that such Dispute will be settled by the courts. Upon receipt of such notice by the LCIA, the arbitration and any appointment of any arbitrator in relation to such Dispute will immediately terminate. Any such arbitrator will be deemed to be functus officio. The termination is without prejudice to (a) the validity of any act done or order made by that arbitrator or by the court in support of that arbitration before his appointment is terminated; (b) his entitlement to be paid his proper fees and disbursements; and (c) the date when any claim or defence was raised for the purpose of applying any limitation bar or any similar rule or provision.

Option to Litigate. Notwithstanding Clause 16.2 11.2 (Arbitration), any Agent Beneficiary may, in the alternative and at its sole discretion, by notice in writing to the Guarantor within 28 days of service of a Request for Arbitration (as defined in the Rules) or in the event no arbitration is commenced, require that such Dispute be heard by a court of law. If the Agent Beneficiary gives such notice, the Dispute to which the notice refers shall be determined in accordance with Clause 16.4 11.4 (English courts) and Clause 16.5 11.5 (Rights of Agents Beneficiaries to take proceedings outside England). If any of the Agents Beneficiaries elect for litigation, the parties shall take the steps necessary to terminate any arbitration relating to the Dispute (as described below). Each of the parties to the terminated arbitration will bear its own costs in relation thereto. If any notice to terminate the arbitration in accordance with this Clause 16.3 11.3 (Option to litigate) is given after service of any Request for Arbitration in respect of any Dispute, the Agent Beneficiary must also promptly give notice to the LCIA and to any Tribunal (each as defined in the Rules) already appointed in relation to the Dispute that such Dispute will be settled by the courts. Upon receipt of such notice by the LCIA, the arbitration and any appointment of any arbitrator in relation to such Dispute will immediately terminate. Any such arbitrator will be deemed to be functus officio. The termination is without prejudice to (a) the validity of any act done or order made by that arbitrator or by the court in support of that arbitration before his appointment is terminated; (b) his entitlement to be paid his proper fees and disbursements; and (c) the date when any claim or defence was raised for the purpose of applying any limitation bar or any similar rule or provision.

Option to Litigate. Notwithstanding Clause 16.2 10.2 (Arbitration), any Agent Beneficiary may, in the alternative and at its sole discretion, by notice in writing to the Guarantor Issuers within 28 days of service of a Request for Arbitration (as defined in the Rules) or in the event no arbitration is commenced, require that such Dispute be heard by a court of law. If the Agent Beneficiary gives such notice, the Dispute to which the notice refers shall be determined in accordance with Clause 16.4 10.4 (English courts) and Clause 16.5 10.5 (Rights of Agents Beneficiaries to take proceedings outside England). If any of the Agents Beneficiaries elect for litigation, the parties shall take the steps necessary to terminate any arbitration relating to the Dispute (as described below). Each of the parties to the terminated arbitration will bear its own costs in relation thereto. If any notice to terminate the arbitration in accordance with this Clause 16.3 10.3 (Option to litigate) is given after service of any Request for Arbitration in respect of any Dispute, the Agent Beneficiary must also promptly give notice to the LCIA and to any Tribunal (each as defined in the Rules) already appointed in relation to the Dispute that such Dispute will be settled by the courts. Upon receipt of such notice by the LCIA, the arbitration and any appointment of any arbitrator in relation to such Dispute will immediately terminate. Any such arbitrator will be deemed to be functus officio. The termination is without prejudice to (a) the validity of any act done or order made by that arbitrator or by the court in support of that arbitration before his appointment is terminated; (b) his entitlement to be paid his proper fees and disbursements; and (c) the date when any claim or defence was raised for the purpose of applying any limitation bar or any similar rule or provision.