Examples of Environmental Arbitrator in a sentence
Any such Dispute will be conducted in accordance with Section 3.1(i)(ii) and/or Section 4.5, mutatis mutandis, but subject to the timing set forth in this provision and during the pendency of any such Dispute, the Performance Deposit will remain in escrow pending final resolution by the Title Arbitrator and/or Environmental Arbitrator, as applicable, pursuant to this Section 13.2(e).
The Environmental Arbitrator shall act as an expert for the limited purpose of determining the existence of an Environmental Defect and the specific disputed Environmental Defect Amounts submitted by any Party and may not award damages, interest or penalties to any Party with respect to any other matter.
Additionally, (i) the Environmental Arbitrator may consult with and engage disinterested Third Parties to advise the Environmental Arbitrator, including other environmental consultants and petroleum engineers, and (ii) the Environmental Arbitrator shall choose Seller’s position or Xxxxx’s position with respect to each disputed matter addressed in an Environmental Defect Notice.
The Environmental Arbitrator shall be selected by mutual agreement of Xxxxx and Seller, or absent such agreement, within three (3) Business Days of becoming aware that such agreement cannot be made as to the selection of the Environmental Arbitrator, by the office of the American Arbitration Association in Houston, Texas.
In making his or her determination, the Environmental Arbitrator shall be bound by the terms set forth in this Section 4.5 and may consider such other matters as in the opinion of the Environmental Arbitrator are necessary or helpful to make a proper determination.