Terms of Arbitration Clause
All matters subject to arbitration under this Paragraph [---] shall be submitted to arbitration in accordance with the Rules of the Council of Arbitration or similar organization, except as otherwise provided in this Agreement.
1. Arbitration shall be brought upon the written notice of one party to the other of a demand for arbitration, including a recitation of the claim or dispute for which arbitration is sought and a specification of the Arbitrator chosen by such party from a list of potential arbitrators prepared by the American Council of Arbitration. Arbitration shall be before a panel of three Arbitrators. Within [number] days of receipt of a demand for arbitration, the party receiving the demand must select a second Arbitrator from the said list and notify the other party of the first party's selection. Within [number] days thereafter, these two Arbitrators shall select a third Arbitrator from the said list. If they fail to select a third Arbitrator, then the third Arbitrator shall be designated by the American Council of Arbitration. If either party fails to designate an Arbitrator, then the claim or dispute shall be submitted to arbitration before a panel of three arbitrators chosen by the American Arbitration Association or similar organization.
2. Place. All matters subject to arbitration under this Agreement shall be arbitrated in [county, state].
3. Final Award. The award in the arbitration proceeding shall be final and binding on the parties, and judgment on such award may be entered in any court having competent jurisdiction. 4. Fees and Expenses. All fees and expenses connected with the arbitration proceeding, other than counsel fees incurred by either party, if any, shall be shared equally by both parties.
4. Fees and Expenses. The Arbitrators are authorised to award either party a sum to compensate the party for the time and expense of the arbitration if they determine that arbitration was demanded without reasonable cause. In such event, the Arbitrators may also assess the costs of the arbitration proceeding against the party that demanded arbitration. In all other cases, the costs of the arbitration proceeding shall be assessed against the party against whom the arbitration award is determined, or against both parties if the determination is against both.