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XI. ARBITRATION
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i` The assignmenC of specific duties and authority to the
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~respective parties is made under this contract with the
' intent to avoid major differences among Che parties in the
~iconduct of the ,joint venture. The parties intend that the
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~icontract terms shall control the parties' authority and
ldecisions with respect to operations of the venture. As to ~ ~
~Imatters not specifically controlled by the contract terms, ~
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i;however, the parties agree to submit their differences to E
;'determination and award by the Florida Arbitration Code. j
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~ XII, IIVSOLVENCY OR BANKRUPTCY OF PARTY
If, during the term of this agreement~ a party hereto
~~should become insolvent or'bankrupt, the remaining parties
- ~,~shall have the option to mutually agree to continue the ' i
~!joint venture, excluding the insolvent or bankrupt party, on
~ipayment ta such party or to such person or persons as a
~~court of competent jurisdiction shall direct, his contribution
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~'to the capita~ assets of the venture less accrued expenses
,:and the further payment of any accrued profits attributable
~to such contribution. If the remaining parties do not
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`mutually agree to continue the joint venture, it shaYl be
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~ `'dissolved and wound up in accordance with the provision
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~ !effective under this contract on its termination.
~ XIII. EFFECTIVE DATE AND TERM
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~ (A) Lffective Date. The effective date of this agreement
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~ ~;shall be August 24, 1978.
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~ (b) Term of this Agreement. This agreement shall continue
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~ liin effect for a term of three years or until terminated
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~ l~by agreement of all members.
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ti ~i XIV . TERN:INATION
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= Un the termination of this agreement, pursuant to the term
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I~hereof, or as a result of the mutual agreement of all the parties
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s ;;hereto, or the deatr. or incapacity af all of the parties, of the ;
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~ j;impossibility of performance caused by the failure of a party to
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~ ~+contribute as agreed, or for any other reason, the joint venture
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