Common use of Selected Arbitration Clause in Contracts

Selected Arbitration. Any disputes under Sections 7.4.3, 8.2.3, 11.3, and 17 that specifically refer to this Section 20.3 shall be resolved by arbitration to be conducted in Denver, Colorado, by a single arbitrator (i) for title matters under Section 7.4.3 who shall be a title attorney, in good standing, with at least ten (10) years experience in oil and gas title matters involving properties in the regional area in which the Assets are located, (ii) for environmental matters under Section 8.2.3 shall be an environmental attorney, in good standing, with at least ten (10) years experience in environmental matters involving oil and gas properties in the regional area in which the Assets are located, or (iii) for matters under Section 11.3 or Article 17 shall be an accountant employed with a nationally recognized independent accounting or consulting firm with at least ten (10) years oil and gas experience in the regional area in which the Assets are located, who in each case shall be selected by mutual agreement of Buyer and Seller within fifteen (15) Business Days after referral of the disputed matter to arbitration, and absent such agreement, by the Denver office of the American Arbitration Association (the “Defect Arbitrator”). The Defect Arbitrator shall not have been employed by or performed services to either Seller or Buyer for a period of five (5) years prior to the Closing Date. The arbitration proceeding shall be conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association, to the extent such rules do not conflict with the terms of this Section 20.3. The Defect Arbitrator’s determination shall be made within fifteen (15) Business Days after submission of the matters in dispute and shall be final and binding upon the Parties, without right of appeal. Additionally, the Defect Arbitrator may consult with and engage disinterested third parties to advise the arbitrator, including without limitation petroleum or environmental engineers. The Defect Arbitrator shall act as an expert for the limited purpose of determining the specific dispute referred to the Defect Arbitrator and may not award damages, interest or penalties to any Party with respect to any matter. Seller and Buyer shall each bear its own respective legal fees and other costs of presenting this case. Seller, on one part, and Buyer, on the other part, shall bear one-half of the costs and expenses of the Defect Arbitrator, including any costs incurred by the Defect Arbitrator that are attributable to such third party consultation. Except as expressly set forth above, no other dispute under this Agreement shall be resolved by arbitration, except by the mutual agreement of the Parties.

Selected Arbitration. Any disputes under Sections 7.4.3, 8.2.3, 11.3, and 17 that specifically refer to this Section 20.3 shall be resolved by arbitration to be conducted in DenverOklahoma City, ColoradoOklahoma, by a single arbitrator (i) for title matters under Section 7.4.3 7.4(c) who shall be a title attorney, in good standing, with at least ten (10) years experience in oil and gas title matters involving properties in the regional area in which the Assets are located, (ii) for environmental matters under Section 8.2.3 shall be an environmental attorney, in good standing, with at least ten (10) years experience in environmental matters involving oil and gas properties in the regional area in which the Assets are located, or (iiiii) for matters under Section Sections 11.3 or Article 17 shall be an accountant employed with a nationally recognized independent accounting or consulting firm oil and gas attorney with at least ten (10) years oil and gas experience in the regional area in which the Assets are located, who in each case shall be selected by mutual agreement of Buyer and Seller within fifteen (15) Business Days after referral of the disputed matter to arbitration, and absent such agreement, by the Denver Oklahoma City office of the American Arbitration Association (the “Defect Arbitrator”). The Defect Arbitrator shall not have been employed by or performed services to either Seller any of the Sellers or Buyer for a period of five (5) years prior to the Closing Date. The arbitration proceeding shall be conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association, to the extent such rules do not conflict with the terms of this Section 20.3. The Defect Arbitrator’s determination shall be made within fifteen (15) Business Days after submission of the matters in dispute and shall be final and binding upon the Parties, without right of appeal. Additionally, the Defect Arbitrator may consult with and engage disinterested third parties to advise the arbitrator, including without limitation petroleum or environmental engineers. The Defect Arbitrator shall act as an expert for the limited purpose of determining the specific dispute referred to the Defect Arbitrator and may not award damages, interest or penalties to any Party with respect to any matter. Seller and Buyer shall each bear its their own respective legal fees and other costs of presenting this case. Seller, on one part, and Buyer, on the other part, shall bear one-half of the costs and expenses of the Defect Arbitrator, including any costs incurred by the Defect Arbitrator that are attributable to such third party consultation. Except as expressly set forth above, no other dispute under this Agreement shall be resolved by arbitration, except by the mutual agreement of the Parties.

Selected Arbitration. Any disputes under Sections 7.4.3, 8.2.3, 11.3, and 17 Section 10.3 that specifically refer to this Section 20.3 15.3 shall be resolved by arbitration to be conducted in DenverHouston, ColoradoTexas, by a single arbitrator (i) for title matters under Section 7.4.3 who shall be a title attorneynationally recognized, in good standing, accounting firm with at least ten (10) years experience in auditing the financial statements of oil and gas title matters involving properties in the regional area in which the Assets are located, (ii) for environmental matters under Section 8.2.3 shall be an environmental attorney, in good standing, with at least ten (10) years experience in environmental matters involving oil exploration and gas properties in the regional area in which the Assets are located, or (iii) for matters under Section 11.3 or Article 17 shall be an accountant employed with a nationally recognized independent accounting or consulting firm with at least ten (10) years oil and gas experience in the regional area in which the Assets are locatedproduction companies, who in each case shall be selected by mutual agreement of Buyer and Seller within fifteen seven (157) Business Days after referral of the disputed matter to arbitration, and absent such agreement, by the Denver Houston, Texas office of the American Arbitration Association (the “Defect Arbitrator”). The Defect Arbitrator shall not have been employed by or performed services to either Seller or Buyer (or any Affiliate of either) for a period of five (5) years prior to the Closing Date. The arbitration proceeding shall be conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association, to the extent such rules do not conflict with the terms of this Section 20.315.3. The Defect Arbitrator’s determination shall be made within fifteen (15) Business Days after submission of the matters in dispute and shall be final and binding upon the Parties, without right of appeal. Additionally, the Defect Arbitrator may consult with and engage disinterested third parties to advise the arbitratorArbitrator, including including, without limitation limitation, petroleum or environmental engineers. The Defect Arbitrator shall act as an expert for the limited purpose of determining the specific dispute referred to the Defect Arbitrator and may not award damages, interest or penalties to any Party with respect to any matter. Seller and Buyer shall each bear its own respective legal fees and other costs of presenting this case. Seller, on one part, and Buyer, on the other part, shall bear one-half of the costs and expenses of the Defect Arbitrator, including any costs incurred by the Defect Arbitrator that are attributable to such any third party consultation. The amount of any reduction or increase in the Base Purchase Price to which Buyer or Seller, as applicable, becomes entitled under the final and binding decision of the Arbitrator shall be promptly paid by Seller or Buyer, as applicable, to such entitled Party. Except as expressly set forth above, no other dispute under this Agreement shall be resolved by arbitration, except by the mutual agreement of the Parties.

Selected Arbitration. Any disputes under Sections 7.4.3, 8.2.3, 11.3, and 17 that specifically refer to this Section 20.3 shall be resolved by arbitration to be conducted in DenverOklahoma City, ColoradoOklahoma, by a single arbitrator (i) for title matters under Section 7.4.3 7.4(c) who shall be a title attorney, in good standing, with at least ten (10) years experience in oil and gas title matters involving properties in the regional area in which the Assets are located, (ii) for environmental matters under Section 8.2.3 8.2(c) shall be an environmental attorney, in good standing, with at least ten (10) years experience in environmental matters involving oil and gas properties in the regional area in which the Assets are located, or (iii) for matters under Section Sections 11.3 or Article 17 1.7 shall be an accountant employed with a nationally recognized independent accounting or consulting firm oil and gas attorney with at least ten (10) years oil and gas experience in the regional area in which the Assets are located, who in each case shall be selected by mutual agreement of Buyer and Seller within fifteen (15) Business Days after referral of the disputed matter to arbitration, and absent such agreement, by the Denver Oklahoma City office of the American Arbitration Association (the “Defect Arbitrator”). The Defect Arbitrator shall not have been employed by or performed services to either Seller any of the Sellers or Buyer for a period of five (5) years prior to the Closing Date. The arbitration proceeding shall be conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association, to the extent such rules do not conflict with the terms of this Section 20.3,. The Defect Arbitrator’s determination shall be made within fifteen (15) Business Days after submission of the matters in dispute and shall be final and binding upon the Parties, without right of appeal. Additionally, the Defect Arbitrator may consult with and engage disinterested third parties to advise the arbitrator, including without limitation petroleum or environmental engineers. The Defect Arbitrator shall act as an expert for the limited purpose of determining the specific dispute referred to the Defect Arbitrator and may not award damages, interest or penalties to any Party with respect to any matter. Seller and Buyer shall each bear its their own respective legal fees and other costs of presenting this case. Seller, on one part, and Buyer, on the other part, shall bear one-half of the costs and expenses of the Defect Arbitrator, including any costs incurred by the Defect Arbitrator that are arc attributable to such third party consultation. Except as expressly set forth above, no other dispute under this Agreement shall be resolved by arbitration, except by the mutual agreement of the Parties.

Selected Arbitration. Any disputes under Sections 7.4.3, 8.2.3, 11.3, 11.3 and 17 that specifically refer to of this Section 20.3 Agreement shall be resolved by arbitration to be conducted in DenverHouston, ColoradoTexas, by a single arbitrator (i) for title matters under Section 7.4.3 who shall be a title attorney, in good standing, with at least ten (10) years years’ experience in oil and gas title matters involving properties in the regional area in which the Assets are located, (ii) for environmental matters under Section 8.2.3 shall be an environmental attorney, in good standing, with at least ten (10) years experience in environmental matters involving oil and gas properties in the regional area in which the Assets are located, or (iiiii) for other disputed matters under Section Sections 11.3 or Article 17 and 17, shall be an accountant employed with a nationally recognized independent accounting or consulting firm with at least ten (10) years experience in auditing the financial statements of oil and gas experience in the regional area in which the Assets are locatedexploration and production companies, who in each case shall be selected by mutual agreement of Buyer and Seller within fifteen (15) Business Days after referral of the disputed matter to arbitration, and absent such agreement, by the Denver Houston, Texas office of the American Arbitration Association (the “Defect Arbitrator”). The Defect Arbitrator shall not have been employed by or performed services to either Seller or Buyer for a period of five (5) years prior to the Closing Date. The arbitration proceeding shall be conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association, to the extent such rules do not conflict with the terms of this Section 20.3. The Defect Arbitrator’s determination shall be made within fifteen (15) Business Days after submission of the matters in dispute and shall be final and binding upon the Parties, without right of appeal. Additionally, the Defect Arbitrator may consult with and engage disinterested third parties to advise the arbitrator, including without limitation petroleum or environmental engineers. The Defect Arbitrator shall act as an expert for the limited purpose of determining the specific dispute referred to the Defect Arbitrator and may not award damages, interest or penalties to any Party with respect to any matter. Seller and Buyer shall each bear its own respective legal fees and other costs of presenting this case. Seller, on one part, and Buyer, on the other part, shall bear one-half of the costs and expenses of the Defect Arbitrator, including any costs incurred by the Defect Arbitrator that are attributable to such any third party consultation. Except as expressly set forth above, no other dispute under this Agreement shall be resolved by arbitration, except by the mutual agreement of the Parties.