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Initially either party will issue a written notice to the other party containing a request to negotiate. This notice shall be given promptly in order to prevent further damages resulting from delay and shall specify the issues in dispute. In the first instance disputes will be settled through good faith negotiations with senior executives of the parties, who have authority to settle the same.
In the event that negotiations are unsuccessful after 60 days, the parties shall attempt to agree upon the appointment of a mediator, upon receipt by either of them of a written notice to concur in such appointment. Should the parties fail to agree within 14 days on a jointly nominated mediator, the President or Chairman of the Chartered Institute of Arbitrators (Bermuda Branch) shall appoint a local mediator if requested by the parties to do so.
Should either or both of the parties refuse to appoint a mediator or should the mediation fail, in whole or in part, the President or Chairman of the the Chartered Institute of Arbitrators (Bermuda Branch) shall appoint a single local arbitrator, for final resolution upon request being made by either party. The arbitrator shall have no connection with the mediator or the mediation proceedings, unless both parties have consented in writing. The arbitrator shall determine the procedure and his decision shall be final and binding on the parties.
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May 1, 2014