Common use of Formal Arbitration Clause in Contracts

Formal Arbitration. All other types of disputes will be decided through formal arbitration as set forth in this Section B. An arbitration panel consisting of three past or present officers of life and health insurance or life and health reinsurance companies not affiliated with either of the Parties in any way will settle the dispute. Each Party will appoint one arbitrator within thirty (30) calendar days of the demand for formal arbitration and the two so appointed shall then appoint the umpire. If either Party refuses or neglects to appoint an arbitrator within the thirty (30) calendar days, the other Party may appoint the second arbitrator. If the two arbitrators cannot agree on the umpire within thirty (30) calendar days after both arbitrators have been appointed, the two arbitrators shall select an umpire pursuant to the Umpire Selection Procedure of the ARIAS-US Certifie▇ ▇▇▇itrators List available at www.ARIAS-US.org. ▇▇▇▇▇▇ ▇▇▇▇▇▇ (30) calendar days after the appointment of the umpire, the arbitration panel shall meet and determine timely periods for briefs, discovery procedures, and schedules for hearings. The arbitration shall take place at a location determined by the arbitration panel and, insofar as the arbitration panel looks to the substantive law, it shall consider the laws of the state of Connecticut. The arbitration panel shall have the power to set all procedural rules for the arbitration, including the discretion to make any order with respect to pleadings, discovery, depositions, scheduling, the hearing, reception of evidence and any other matter whatsoever relating to the conduct of the arbitration. Within sixty (60) calendar days after the beginning of the arbitration proceedings the arbitration panel will issue a written, reasoned, decision on the dispute and a statement of any award to be paid as a result. The decision will be based on the terms and conditions of this Agreement as well as the usual customs and practices of the insurance and reinsurance industry, rather than on strict interpretation of the law. The decision will be final and binding on both Parties and there will be no further appeal. Judgment upon the award may be entered in any court having jurisdiction thereof. In the absence of a decision to the contrary by the arbitration panel, each Party shall bear the expense of its own arbitration activities, including, but not limited to, its appointed arbitrator's fees, outside attorney fees, witness fees, expenses incurred in the taking or preservation of testimony, and other related expenses. The Parties shall jointly and equally bear the expense of the third arbitrator and other costs directly attended to the arbitration proceeding, provided that neither Party's liability for such costs shall ever exceed 50% of the total of such costs, regardless of the other Party's failure to pay. The Parties may mutually agree to extend any of the periods shown in this Section. Allocated Retention Pool -- Effective 10/1/2008 Between HLIC and Swiss Re

Formal Arbitration. All other types of disputes will be decided through formal arbitration as set forth in this Section B. An arbitration panel consisting of three past or present officers of life and health insurance or life and health reinsurance companies not affiliated with either of the Parties in any way will settle the dispute. Each Party will appoint one arbitrator within thirty (30) calendar days of the demand for formal arbitration and the two so appointed shall then appoint the umpire. If either Party refuses or neglects to appoint an arbitrator within the thirty (30) calendar days, the other Party may appoint the second arbitrator. If the two arbitrators cannot agree on the umpire within thirty (30) calendar days after both arbitrators have been appointed, the two arbitrators shall select an umpire pursuant to the Umpire Selection Procedure of the ARIAS-US Certifie▇ ▇▇▇itrators List available at www.ARIAS-US.org. ▇▇▇▇▇▇ ▇▇▇▇▇▇ (30) calendar days after the appointment of the umpire, the arbitration panel shall meet and determine timely periods for briefs, discovery procedures, and schedules for hearings. The arbitration shall take place at a location determined by the arbitration panel and, insofar as the arbitration panel looks to the substantive law, it shall consider the laws of the state of Connecticut. The arbitration panel shall have the power to set all procedural rules for the arbitration, including the discretion to make any order with respect to pleadings, discovery, depositions, scheduling, the hearing, reception of evidence and any other matter whatsoever relating to the conduct of the arbitration. Within sixty (60) calendar days after the beginning of the arbitration proceedings the arbitration panel will issue a written, reasoned, decision on the dispute and a statement of any award to be paid as a result. The decision will be based on the terms and conditions of this Agreement as well as the usual customs and practices of the insurance and reinsurance industry, rather than on strict interpretation of the law. The decision will be final and binding on both Parties and there will be no further appeal. Judgment upon the award may be entered in any court having jurisdiction thereof. In the absence of a decision to the contrary by the arbitration panel, each Party shall bear the expense of its own arbitration activities, including, but not limited to, its appointed arbitrator's fees, outside attorney fees, witness fees, expenses incurred in the taking or preservation of testimony, and other related expenses. The Parties shall jointly and equally bear the expense of the third arbitrator and other costs directly attended to the arbitration proceeding, provided that neither Party's liability for such costs shall ever exceed 50% of the total of such costs, regardless of the other Party's failure to pay. The Parties may mutually agree to extend any of the periods shown in this Section. Allocated Retention Pool -- Effective 10/1/2008 Between HLIC ILA and Swiss Re

Formal Arbitration. 14.2.1 If a matter is not resolved by the conclusion of the negotiation period referred to in Section 14.1, then the Parties shall resolve the dispute by binding arbitration administered by American Arbitration Association (“AAA”) under the AAA Commercial Arbitration Rules then in effect before a panel of three arbitrators. The Party seeking arbitration shall deliver a written request for arbitration to the other Party (the “Arbitration Notice”). The Arbitration Notice shall include the name and contact information of one arbitrator who is acceptable to such Party, but which shall have experience in the media and/or gambling/Sports Betting industry, who may not be affiliated with such Party. Within 10 days after receipt of the Arbitration Notice, the other Party shall provide the Party that triggered the arbitration with the name and contact information of one arbitrator who is acceptable to such Party, who may not be affiliated with such Party but which shall have experience in the media and/or gambling/Sports Betting industry. Within ten (10) days after receipt of the notice for the second arbitrator, the two arbitrators shall jointly select a third arbitrator who may not be affiliated with either Party but shall have experience in the sports and sports betting industry. If the arbitrators cannot agree on the third arbitrator, then the third arbitrator shall be selected by the AAA. The Parties and arbitrators shall use good faith efforts to commence the arbitration within 60 days after the arbitration panel has been selected, at a time and place mutually agreed upon by the Parties. If the disputing Parties cannot agree upon the time and place for the Arbitration, the arbitration panel shall make such determinations. The decision rendered by the panel shall determine the rights and obligations of the Parties according to and consistent with the terms of this Agreement and the arbitrators shall have the authority to award damages and provide for other remedies as are available at law or in equity, provided, that the arbitrators may not order this Agreement, as applicable, terminated unless (a) the terms of such agreement permit termination as a remedy or (b) no other remedy would be just and equitable. All expenses, fees and administrative costs of the arbitrators and the Arbitration shall be borne half by each Party unless agreed otherwise in writing; provided, however, each Party shall pay its own legal fees and expenses related to its expert witnesses and consultants. 14.2.2 A Party may only institute proceedings in the United States District Court for the District of Delaware and only for one or more of the following reasons: (a) to enforce any arbitral award issued by the Arbitrators; (b) to the extent not available in a timely fashion under the AAA Rules of Arbitration, to seek a temporary restraining order, immediate injunctive relief or specific performance without the posting of a bond or other types security or proof of disputes irreparable harm; (c) to bring an action because a third party necessary to the resolution of the dispute cannot or will not be decided through formal joined in the proceedings described in this Section 14.2; (d) to resolve a dispute relating to the Party’s Intellectual Property or (e) to compel arbitration pursuant to this Section 14.2. Notwithstanding the foregoing, relief pursuant to subsection (b) of this Section 14.2.2) shall (i) be permitted if, and only if a Party makes a determination that the other Party has breached or is about to breach this Agreement, and (ii) not extend beyond such time as is necessary for the Arbitrators to issue a decision as to the propriety of such provisional relief (at which point, the relief granted by such court shall no longer apply to the dispute between the Parties). If the conditions set forth in this Section 14.2.2 have been met, the Parties consent to the exclusive jurisdiction and venue in such courts to the greatest extent allowed by Law. If a Party files a pleading with a court as set forth in this Section B. An arbitration panel consisting of three past 14.2.2 seeking immediate injunctive relief and this pleading is challenged by the other Party, and the injunctive relief sought is not awarded, or present officers of life and health insurance or life and health reinsurance companies not affiliated with either if the Third Party claimed to be necessary for resolution of the Parties in any way will settle alleged dispute is found not to be necessary, the dispute. Each Party will appoint one arbitrator within thirty that filed the pleading shall pay all reasonable costs and expenses (30including reasonable legal fees) calendar days of the demand for formal arbitration and the two so appointed shall then appoint the umpire. If either Party refuses or neglects to appoint an arbitrator within the thirty (30) calendar days, incurred by the other Party may appoint the second arbitratorin connection with that other Party’s successful challenge. If the two arbitrators cannot agree on the umpire within thirty (30) calendar days after both arbitrators have been appointed, the two arbitrators shall select an umpire Any provisional relief obtained pursuant to this Section 14.2.2 shall be limited as appropriate to preserve the Umpire Selection Procedure jurisdiction of the ARIAS-US Certifie▇ ▇▇▇itrators List available at www.ARIAS-US.org. ▇▇▇▇▇▇ ▇▇▇▇▇▇ (30) calendar days after the appointment of the umpire, the arbitration panel shall meet and determine timely periods for briefs, discovery procedures, and schedules for hearings. The arbitration shall take place at a location determined by the arbitration panel and, insofar as the arbitration panel looks AAA to the substantive law, it shall consider the laws of the state of Connecticut. The arbitration panel shall have the power to set all procedural rules for the arbitration, including the discretion to make any order with respect to pleadings, discovery, depositions, scheduling, the hearing, reception of evidence and any other matter whatsoever relating to the conduct of the arbitration. Within sixty (60) calendar days after the beginning of the arbitration proceedings the arbitration panel will issue a written, reasoned, decision on resolve the dispute and a statement of any award to be paid as a result. The decision will be based on between the terms and conditions of this Agreement as well as the usual customs and practices of the insurance and reinsurance industry, rather than on strict interpretation of the law. The decision will be final and binding on both Parties and there will be no further appeal. Judgment upon the award may be entered in any court having jurisdiction thereof. In the absence of a decision to the contrary by the arbitration panel, each Party shall bear the expense of its own arbitration activities, including, but not limited to, its appointed arbitrator's fees, outside attorney fees, witness fees, expenses incurred in the taking or preservation of testimony, and other related expenses. The Parties shall jointly and equally bear the expense of the third arbitrator and other costs directly attended to the arbitration proceeding, provided that neither Party's liability for such costs shall ever exceed 50% of the total of such costs, regardless of the other Party's failure to pay. The Parties may mutually agree to extend any of the periods shown in this Section. Allocated Retention Pool -- Effective 10/1/2008 Between HLIC and Swiss ReParties.