Fill and Sign the Form of Indemnification Escrow Agreement Secgovhome

ARBITRATION Form 1. The Parties to this Agreement covenant that no dispute or controversy directly or indirect ly concerning any matter relating to this Operating Agreement shall become the subject of court action, but that any dispute or controversy shall be presented to an Arbitration Panel subject to the terms of (Applicable State Statute*), except as specifically set forth in this provision. The decision of the panel shall be final and binding as to all Parties and their privie s without the right of appeal. Any Party may initiate the Arbitration process by written notice to any or a ll Parties affected by a dispute. Within thirty (30) days of the date one Party gives notice to the others in writing of its election to arbitrate, that Party shall request the Presiding Judge i n ______ County/Parish, ______, to designate three arbitrators to hear the dispute in ______ County/Parish, ______. The dispute shall be handled as expeditiously as possible and the award of the arbitration panel shall be delivered not less than six (6) months from the date of the selection of the three arbitrators. * Texas: Chapter 171 of the Tex. Civ. Prac. & Rem. Code Form 2. The parties agree that any controversy or claim between them arising out of or relat ing to this Operating Agreement shall be settled exclusively by arbitration. Such arbitration shall be conducted in accordance with the Commercial Arbitration Rules then in force of t he American Arbitration Association. Any arbitrator appointed by either party, or otherwise, shall be knowledgeable in oil and gas matters. The decision of the arbitrator shall be a fina l and binding resolution of the disagreement which may be entered as a judgment by any _____ court of competent jurisdiction. Any decision or award as a result of any arbitration proceeding may include assessment of costs, expenses, and reasonable attorney’s fees. The use of arbitration shall not be construed under the doctrines of laches, waiver or estoppels, to affect adverse ly the rights of any party. Further, nothing contained in this Operating Agreement shall preclude any party from seeking provisional remedies in any _____ court with jurisdiction to obtain interim relief to prevent serious and irreparable injury, including, but not limited to, temporary restraining orders and preliminary injunctions to protect a party’s rights and interests, but no such remedy shall be sought as a means to avoid or stay arbitration.