Common use of Panel Clause in Contracts

Panel. If the parties cannot satisfactorily settle any claim, ----- disagreement or controversy arising out of or related to this Agreement or its interpretation, performance, nonperformance, breach or their respective rights and obligations hereunder, such disagreement shall, at the request of either party, be settled by arbitration as follows. All such disputes shall be referred to an arbitration panel comprised of three persons, one to be selected by each party hereto and the third selected by the first two. The arbitrators shall be persons involved in and familiar with the licensing and technology transfer field and not affiliated with either party. Each party shall select an arbitrator within twenty (20) days of request for arbitration by either party. The first two arbitrators shall select the third member of the panel within fifteen (15) days after their selection. The arbitration shall be held as soon as is reasonably possible after selection of the arbitration panel. The proceedings shall be held in an informal manner as reasonably determined by the arbitrators. Except for the right of appeal as set forth in subparagraph b below, the parties shall be bound by a decision of the arbitration panel with respect to the matter in dispute. All proceedings of the arbitration panel shall be held in Wilmington, Delaware. The panel's costs and fees shall be borne by the party bringing the action. The arbitrators shall presume that all claims of all Licensed Patents are valid and enforceable, and shall not have the power to assess the validity or enforceability of the Licensed Patents.