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AgdaPkt 2005-09-12
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AgdaPkt 2005-09-12
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Last modified
3/6/2012 4:45:24 PM
Creation date
9/8/2005 1:47:43 PM
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Template:
CC Index
CC Index - Document Type
Agenda Packet
Date
9/12/2005
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<br />.$,/1-59 <br /> <br />of the Building. The two (2) arbitrators so appointed shall within fifteen (15) days <br /> <br />of the date of the appointment of the last appointed arbitrator agree upon and <br />appoint a third (3rd) arbitrator who shall be qualified under the same criteria set <br /> <br />forth hereinabove for qualification of the initial two (2) arbitrators. Within three (3) <br />business days following the appointment of the third (3rd) arbitrator, each Party <br /> <br />shall submit to the arbitrators its best estimate of the correct solution to the <br /> <br />dispute under submission (the "Estimated Determination"). The determination of <br />the arbitrators shall be limited solely to the issue of whether landlord's or <br /> <br />Tenant's Estimated Determination of the dispute under arbitration is closer to the <br />arbitrators' independent determination of the dispute, taking into account any <br /> <br />definitions or other sections of the lease which may be applicable to the dispute. <br />The three (3) arbitrators shall within thirty (30) days of the appointment of the <br /> <br />third (3rd) reach a decision as to whether the Parties shall use landlord's or <br />Tenant's Estimated Determination and shall notify landlord and Tenant thereof. <br /> <br />The decision of the majority of the three (3) arbitrators shall be binding upon <br />Landlord and Tenant. <br /> <br />10.1.2 Failure to Agree. If either landlord or Tenant fails to <br />appoint an arbitrator within fifteen (15) days after the Outside Agreement Date, or <br /> <br />if the two (2) arbitrators fail to agree upon and appoint a third (3rd) arbitrator, <br />both arbitrators shall be dismissed; and the matter to be decided shall be <br /> <br />forthwith submitted to arbitration under the current rules of the American <br /> <br />Arbitration Association, but subject to any definitions or sections of the Lease <br />which may be applicable to the dispute under submission. <br /> <br />10.1.3 Payment. The Party not prevailing shall pay to the <br />prevailing Party the amount of the final arbitration award. If payment is not made <br /> <br />within ten (10) business days after the date the arbitration award is no longer <br />
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