Common use of Arbitration Required Clause in Contracts

Arbitration Required. Any claim, controversy or dispute arising out of or relating to this Agreement, or any alleged default hereunder or breach of any provisions hereof, except decisions by a party hereto or a member of the Management Committee which this Agreement specifically states that such party or member may make in its sole discretion, shall be submitted to binding arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association in effect at the time of submission. Judgment on any arbitration award may be entered in any court having jurisdiction over the parties pursuant to Article XV below.