Common use of Initiation of Arbitration Proceedings Clause in Contracts

Initiation of Arbitration Proceedings. (a) If any Party to this Agreement wishes to have any matter under the Agreement arbitrated in accordance with the provisions of this Agreement, it shall give notice (an “Arbitration Notice”) to each other Party specifying particulars of the matter or matters in dispute and proposing the name of the person it wishes to be the single arbitrator. If a Party has no financial or other interest in a dispute, it may so notify the first Party and thereafter it shall not participate in the arbitration of the dispute and shall not be a “Respondent” as defined below and actions may be taken with respect to such dispute, without notice to or the consent of such non-interested Party. Within fifteen (15) days after receipt of the Arbitration Notice, the other Parties shall give notice to the first ▇▇▇▇▇ advising whether such other Parties accept the arbitrator proposed by the first Party. If such notice is not given by all other Parties within such fifteen (15) day period, the other Parties shall be deemed to have accepted the arbitrator proposed by the first Party. If the Parties do not agree upon a single arbitrator within such fifteen (15) day period, any Party may apply to a judge of the Ontario Court, General Division under the Arbitration Act, 1991, S.O.1991, chap. 17, (the “Arbitration Act”) for the appointment of a single arbitrator (the “Arbitrator”). (b) The individual selected as Arbitrator shall be qualified by education and experience to decide the matter in dispute. The Arbitrator shall be at arm’s length from all of the Parties and shall not be a member of the audit or legal firm or firms who advise any Party, nor shall the Arbitrator be an individual who is, or is a member of a firm, otherwise regularly retained by any of the Parties.