Common use of Arbitration and Alternative Dispute Resolution Clause in Contracts

Arbitration and Alternative Dispute Resolution. It is agreed between the parties herein that any unresolved dispute between the parties arising out of, in connection with the terms of this Agreement shall be adjudicated by arbitration in the City of Oak Brook, Illinois, in accordance with the rules of the American Arbitration Association ("AAA") in effect at the time any arbitration proceeding is commenced, which roles are hereby incorporated herein by reference and made apart of this Agreement. The arbitration award shall be final and binding on the parties herein, and judgment upon such arbitration award may be entered in any court having jurisdiction. The parties also may select other forms of alternative dispute resolutions to address the outstanding dispute on such basis as the parties shall mutually agree. In order to induce UFMC to enter into this Agreement, the execution of this Agreement by Broker shall be deemed the absolute and unconditional joint and several personal guarantees of the officers, directors and shareholders of Broker to UFMC of the following: (i) the punctual payment at UFMC'S address, as and when due (whether by acceleration or otherwise) of all the obligations of the Broker set forth in this Agreement, requiring payment; and (ii) performance by the Broker, as and when required, of all the obligations of the Broker, as set forth in this Agreement, requiring performance. The guarantors agree that this is a guaranty of payment and not of collection and expressly waives any right to require that any action be brought against the Broker or to require that resort be had to any security or any credit on the books of UFMC in favor of the Broker or to any other right or remedy which may be available to UFMC. The guarantors further expressly waives any right to presentment, protest, notice of dishonor, and any defense available to a guarantor under any state or federal law. This guaranty applies to all transactions with Broker under this Agreement.