Proposal to Arbitrate Clause Samples
The Proposal to Arbitrate clause establishes a formal process for one party to initiate arbitration as a means of resolving disputes arising under the agreement. Typically, this clause outlines the steps required to propose arbitration, such as providing written notice to the other party and specifying the issues to be arbitrated. By setting out a clear mechanism for moving disputes from negotiation or mediation to arbitration, the clause ensures that both parties understand how to proceed if informal resolution fails, thereby promoting efficient and structured dispute resolution.
Proposal to Arbitrate. If the FDIC Party and the Assuming Institution do not resolve a Dispute Item pursuant to Sections 7.2 and 7.3, then within ten (10) Business Days following the expiration of the period provided in Section 7.3, the Claimant Party may propose to submit the unresolved Dispute Item to arbitration by notifying the other party (the “Respondent Party”) in writing.