Common use of Submission to Binding Arbitration Clause in Contracts

Submission to Binding Arbitration. (a) If the Parties are unable to resolve a General Dispute through the Negotiation Procedure or the Mediation Procedure, then following termination of the mediation, or, if no Mediation Notice is given, following failure of negotiations as provided in Section 3.3: (i) either Party (the “Notifying Party”) may submit the General Dispute to binding arbitration under this Section 5 and give Notice to the other Party (the “Notified Party”) of such submission (an “Arbitration Notice”); or (ii) if Section 5.1(e) does not apply, either Party may elect, by giving notice thereof to the other Party, to proceed with resolution of the General Dispute pursuant to Section 2.1(b)(ii)(B). (b) A Notified Party may consent to arbitration of the Dispute referred to in the Arbitration Notice by giving a Consent to Arbitration within 10 Business Days after the day the Arbitration Notice was given. (c) If the Notified Party does not give a Consent to Arbitration within 10 Business Days after the day the Arbitration Notice was given, the Notified Party will be deemed to have given a Consent to Arbitration on the last day of such 10 Business Day period. (d) If the Notified Party delivers a Non-Consent to Arbitration with 10 Business Days after the day the Arbitration Notice was given, Section 2.1(b)(ii)(B) will apply. (e) Notwithstanding Sections 5.1(b), 5.1(c) and 5.1(d), where under the Agreement the Parties are deemed to have agreed pursuant to this Section 5.1 to resolve the Dispute by arbitration, the Notified Party will be deemed to have given a Consent to Arbitration on the day the Arbitration Notice is given. (f) When a Notifying Party has given an Arbitration Notice and the Notified Party has given or been deemed pursuant to Section 5.1(c) or 5.1(e) to have given a Consent to Arbitration, the Dispute referred to in the Arbitration Notice shall be resolved by arbitration pursuant to this Section 5. The arbitration will be subject to the Arbitration Act and conducted in accordance with the Code, as supplemented and modified by this Section 5.

Submission to Binding Arbitration. (a) If the Parties are unable to resolve a General Dispute through the Negotiation Procedure or the Mediation Procedure, then following termination of the mediation, or, if no Mediation Notice is given, following failure of negotiations as provided in Section 3.3: (i) either a Party (the “Notifying Party”) may submit the General Dispute to binding arbitration under this Section 5 and give Notice to the other Party Parties (the “Notified PartyParties”) of such submission (an “Arbitration Notice”); or (ii) if Section 5.1(e) does not apply, either any Party may elect, by giving notice thereof to the other PartyParties, to proceed with resolution of the General Dispute pursuant to Section 2.1(b)(ii)(B). (b) A Notified Party may consent to arbitration of the Dispute referred to in the Arbitration Notice by giving a Consent to Arbitration within 10 Business Days after the day the Arbitration Notice was given. (c) If the Notified Party does not give a Consent to Arbitration within 10 Business Days after the day the Arbitration Notice was given, the Notified Party will be deemed to have given a Consent to Arbitration on the last day of such 10 Business Day period. (d) If the Notified Party delivers a Non-Consent to Arbitration with 10 Business Days after the day the Arbitration Notice was given, Section 2.1(b)(ii)(B) will apply. (e) Notwithstanding Sections 5.1(b), 5.1(c) and 5.1(d), where under the Agreement the Parties are deemed to have agreed pursuant to this Section 5.1 to resolve the Dispute by arbitration, the Notified Party will be deemed to have given a Consent to Arbitration on the day the Arbitration Notice is given. (f) When a Notifying Party has given an Arbitration Notice and the Notified Party has given or been deemed pursuant to Section 5.1(c) or 5.1(e) to have given a Consent to Arbitration, the Dispute referred to in the Arbitration Notice shall be resolved by arbitration pursuant to this Section 5. The arbitration will be subject to the Arbitration Act and conducted in accordance with the Code, as supplemented and modified by this Section 5.