Common use of Arbitration Resolution Clause in Contracts

Arbitration Resolution. Any Claim shall be submitted to binding arbitration by a panel of three arbitrators. Seller and Purchaser shall each appoint one arbitrator from the list of approved arbitrators maintained by the American Arbitration Association. The third arbitrator shall be a neutral arbitrator who has not acted for either party (or any Affiliate of either party) within the prior five years, and will be appointed in accordance with the American Arbitration Association Rules then in effect. The arbitration shall be held in San Antonio, Texas, and shall be conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The arbitrators shall determine the Claims of the parties and render a final award in accordance with the substantive law of the State of Texas, excluding the conflicts provisions of such law, except that matters relating to real estate law and local and state environmental law should be determined under the substantive laws of the State of California. The arbitrators shall set forth the reasons for the award in writing.