Common use of Mandatory and Binding Arbitration Clause in Contracts

Mandatory and Binding Arbitration. 20.1 If any dispute arises between CBS and LM concerning the interpretation of any of the terms, conditions, or provisions of this Agreement, or any of the rights or duties of either party, the dispute shall be referred to two Arbitrators, one of which shall be chosen by CBS and the other by LM. Such two Arbitrators so chosen shall, if they cannot themselves reach agreement, select an Umpire to hear the arguments of both Arbitrators and review the evidence. The decision of said Arbitrators, or Arbitrators and Umpire, shall be final and binding on both CBS and LM. The Arbitrators and the Umpire shall all regard this Agreement as an honorable undertaking and shall make their findings and award with a view to effecting the general purpose of the Agreement in a reasonable and equitable manner, rather than in accordance with a literal of technical interpretation of any language used in this Agreement, viewing and considering parole evidence as they see fit. Both CBS and LM hereby agree to hold harmless the Arbitrators and the Umpire who accept engagements to handle any disputes arising under this Agreement. 20.2 If LM initiates the arbitration, then the arbitration shall be held in Denmark and the costs of the arbitration shall be borne by LM. If CBS initiates the arbitration, then the arbitration shall be held in Houston, Texas and the costs of the arbitration shall be borne by CBS.

Mandatory and Binding Arbitration. 20.1 11.1 If any dispute arises between CBS and LM concerning the interpretation of any of the terms, conditions, or provisions of this Agreement, or any of the rights or duties of either party, the dispute shall be referred to two Arbitrators, one of which shall be chosen by CBS and the other by LM. Such two Arbitrators so chosen shall, if they cannot themselves reach agreement, select an Umpire to hear the arguments of both Arbitrators and review the evidence. The decision of said Arbitrators, or Arbitrators and Umpire, shall be final and binding on both CBS and LM. The Arbitrators and the Umpire shall all regard this Agreement as an honorable undertaking and shall make their findings and award with a view to effecting the general purpose of the Agreement in a reasonable and equitable manner, rather than in accordance with a literal of or technical interpretation of any language used in this Agreement, viewing and considering parole evidence as they see fit. Both CBS and LM hereby agree to hold harmless the Arbitrators and the Umpire who accept engagements to handle any disputes arising under this Agreement. 20.2 11.2 If LM initiates the arbitration, then the arbitration shall be held in Denmark and the costs of the arbitration shall be borne by LM. If CBS initiates the arbitration, then the arbitration shall be held in Houston, Texas and the costs of the arbitration shall be borne by CBS.