Common use of Resolution by Arbitration Clause in Contracts

Resolution by Arbitration. If the dispute has not been resolved pursuant to the procedure set forth in Section 13.11(b) within 30 days of the initial meeting of the representatives of both Members (which period may be extended or shortened by mutual agreement of the Members), the controversy shall be resolved by arbitration in accordance with the procedures set forth in Section 13.11(d). The Members shall meet within ten Business Days of the commencement of the arbitration procedures by any Member and agree on three arbitrators to act as the arbitration panel on such matters. If the Members are unable to agree at such a meeting to all three arbitrators, the panel will be appointed in the following manner. Each Member shall within two Business Days of the meetings appoint one arbitrator, and within five Business Days of such appointment, the arbitrators shall appoint a third arbitrator. If the two arbitrators selected by the Members fail to agree on the third arbitrator, then the Members (or either of them) may apply to the senior active United States District Judge for the District of Delaware for the appointment of the third arbitrator. The third arbitrator shall take an oath of neutrality. No arbitrator shall be an equity holder of any arbitrating Member or their parent, subsidiary or Affiliates, nor shall any arbitrator have been employed by, or performed services for, any of the Members within the preceding five years, nor shall the arbitrators have any personal or financial stake in the outcome of the resolution of the dispute.