Common use of Conciliation and Arbitration Clause in Contracts

Conciliation and Arbitration. 9.1 The parties undertake to discuss any disputes or differences which arise in the course of the Agreement without delay and so far as they are reasonably able to do so shall resolve those differences as amicably as possible. 9.2 In the event that both parties cannot resolve any dispute or difference appertaining to the Agreement the matter(s) shall be referred to an arbitrator to be agreed upon by the parties or in default of such agreement be nominated by the President of the Chartered Institute of Arbitrators or a person appointed by him on an application to the Institute by either party. 9.3 An arbitrator shall be entitled to make such decision or award as he thinks just and equitable having regard to the circumstance then existing the cost of such arbitration to follow the event or in the event of neither party succeeding to be appointed between the parties by the arbitrator in such proportion as he in his absolute discretion thinks fit. 9.4 Any award or decision of such arbitrator shall be final and binding on the parties hereto.