Binding Arbitration

BINDING ARBITRATION 

 

In the event that either party asserts that there is a dispute arising out of or relating to this Agreement, such party shall first notify the other party in writing, specifying the nature of the dispute and scheduling a meeting to attempt to resolve the dispute.   

 

If no resolution is reached within thirty (30) calendar days of the delivery of the written notice, either party may then elect to exclusively and finally resolve the dispute by binding arbitration by filing a written notice of arbitration in accordance with this section under the subheading “Binding Arbitration” and the Rules of Conciliation and Arbitration of the International Chamber of Commerce applicable at the time of submission of the dispute to arbitration (the “ICC Rules”).   

 

Notwithstanding anything to the contrary in the ICC Rules, the following terms and conditions shall apply. 

 

The arbitration shall be conducted by a panel of three (3) arbitrators.  Each party shall have the right to appoint one (1) arbitrator within fifteen (15) days following the delivery of the written notice of arbitration, and a third arbitrator shall be selected by those two (2) party-appointed arbitrators within thirty (30) days of the appointment of the two (2) party-appointed arbitrators. 

 

The arbitration proceedings shall be held in Chesterfield, Virginia, United States of America in the English language. 

 

The parties shall equally bear the costs and fees of the arbitration, and each party shall bear its own cost for its own legal expenses.  The arbitrators shall apply the substantive law set forth in the section of this Agreement under the subheading “Governing Law”.  Any arbitration proceeding shall be conducted on a confidential basis. 

 

The arbitrators shall specify the reason and basis for their decision, the reason for any damages awarded and the breakdown for such damages awarded, and the basis for any other remedy authorized under this Agreement, including but not limited to injunctive relief or specific performance.  For the avoidance of doubt, nothing in this Agreement shall prevent us from seeking injunctive or other equitable relief.  

 

The decision of the arbitrators shall be considered as a final and binding resolution of the dispute, shall be final and binding on the parties, and shall not be subject to appeal or reexamination.  The award of the arbitrators may be entered as a judgment and enforced by any court of competent jurisdiction. 

 

TO THE EXTENT PERMITTED BY APPLICABLE LAW, YOU AGREE TO WAIVE YOUR RIGHT TO TRIAL BY JURY IN ANY PROCEEDINGS, ACTION OR COUNTERCLAIM.