Common use of Notice of Intent to Arbitrate Clause in Contracts

Notice of Intent to Arbitrate. Any Releasee or Releasor ("Claimant") desiring to invoke the procedures of this paragraph shall give written notice to the other of Claimant's intent to institute the procedures herein provided. Such notice of Controversy shall identify each and every claim asserted by Claimant, the party involved in the Controversy, and whether the Controversy is directed against the Bank. The notice shall further state the nature of the relief sought.