Forum for Dispute Resolution. Subject to the provisions of Section 7.8, it is the express intention of the parties that all legal actions and proceedings related to this Agreement or to the T&D System or to any rights or any relationship between the parties arising therefrom shall be solely and exclusively initiated and maintained in courts of the State of New York having appropriate jurisdiction; provided, however, that except in the case of a termination due to a change in control or bankruptcy or insolvency, either party may refer a challenge to the termination of this Agreement to an independent arbitrator, following the use of expedited limited mediation provided for in Section 7.8 hereof. During such arbitration process, the two-year notice period provided for in Section 7.4 hereof shall continue to run and this Agreement shall terminate at the end of such period, unless a final, binding ruling that the termination of this Agreement was improper has been issued by such arbitrator.
Appears in 2 contracts
Sources: Merger Agreement (Long Island Lighting Co), Management Services Agreement (Long Island Lighting Co)
Forum for Dispute Resolution. Subject to the provisions of Section 7.8, it is the express intention of the parties that all legal actions and proceedings related to this Agreement or to the T&D System or to any rights or any relationship between the parties arising therefrom shall be solely and exclusively initiated and maintained in courts of the State of New York having appropriate jurisdiction; provided, however, that except in the case of a termination due to a change in control or bankruptcy or insolvency, either party may refer a challenge to the termination of this Agreement to an independent arbitrator, following the use of expedited limited mediation provided for in Arbitrators under Section 7.8 7.8(E) hereof. During such arbitration process, the two-year notice period provided for in Section 7.4 hereof shall continue to run and this Agreement shall terminate at the end of such period, unless a final, binding ruling that the termination of this Agreement was improper has been issued by such arbitratorthe Arbitrators.
Appears in 1 contract