1991 - 11-18-91 Regular Meeting - Laserfiche WebLink

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7.5. Arbilralion 7.5. 1. All claims, counlelclaiuas, disputes and other uudlers in question belween the panics herclu :oising out of or relating to this Agrccmenl or the breach thereof will be decided by arbitration in accordance with the Construction Industry Arbilralion Rules of the American Arbitration Association then obtaining, sub- ject to the limitations and restrictions staled in para- graphs 7.5.3 and 7.5.4 below. '['his Agrccmenl so Io arbitrate and any ufher agreement or consent to arbi- trate entered into in accordance hcrewilh as pnrvided in this paragraph 7.5 will be specifically enforceable under the prevailing arbitration law of any court having jurisdiction. 7.5.2. Notice of demand for arbitration muss be filed in writing with the other parties to this Agrcenicnt and with the American Arbitration Association. 'file de- mand must be made within a reasonable linfc alter the claim, dispute n' other matter in question has arisen. In no event may file demand for arbitration be made after institution of legal or equitable proceedings based on such claim, dispute or other matter in question would be barred by the applicable statute of limitations. 7.5.3. All demands for arbitration and all answering statements thereto which include any monetary claim must contain a statement that the total sun or value in controversy as alleged by the party making such demand or answering statement is not more than $200,000 (exclusive of interest and costs). The arbilra- 1:9 tors will not have jurisdiction, power or authority to consider, or make findings (except in denial of their own juris(ficlion) concerning, any claim, counterclaim, dispute or other matter in question where lire amount in controversy thereof is more than $200,000 (exclusive of inlcresl and costs) or to render it monetary award in response thereto against any party which totals more than $200,000 (exclusive of interest and costs). 7.5.4. No arbitration arising out of, or relating to, this Agrccmenl may include, by consolidation, joinder or in :ury other manner, any person or entity who is not a party to this Agreement. 7.5.5. Ity written consent signed by all the parties to this Agrccmenl and containing a specific reference hereto, the limitations and restrictions contained in paragraphs 7.5.3 and 7.5.4 may be waived in whole or in part as to any claim, counterclaim, dispute or other matter specifically described in such consent. No con- sent to arbitration in respect of a specifically described claim, counterclaim, dispute or other matter in question will constitute consent to arbitrate any other claim, counterclaim, dispute orother matter in question which is not specifically described in such consent or in which the sum or value in controversy exceeds $200,000 (ex- clusive of interest and costs) or which is with any party not specifically described therein. 7.5.6. 'I he awanl rendered by the arbitrators will be final, nut subject to appeal and judgment may be en- tered upon it in any court having jurisdiction thereof. 'k [The remainder of this page was left blank intentionally.] Page 13 of 20__ pages