Common use of Settling Disputes or Disagreements Clause in Contracts

Settling Disputes or Disagreements. i. ) Any dispute arising out of the interpretation, application and/or implementation of this MOU shall be settled amicably through consultations and negotiations between parties. ii. ) With this aim each party will appoint one arbitrator and selected members shall appoint a third arbitrator immediately after they are themselves appointed. iii. ) The parties agree to consider the board’s decision as binding and final, so that it cannot be contested, and they also agree to consider this dispute resolution as a condition for any eventual judicial procedure. iv. ) The arbitrators will act without receiving fees. In case the appointed arbitrators should ask for payment, each party will assume the cost of its own arbitrator, while any additional cost for the process, as well as any fees owing to the Chairman arbitrator, will be equally shared among the parties.