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date of consummation of such sale in accordance with
the dissolution terms of the sale agreement, and if none
are contained therein, then in accordance with the
applicable Florida statutes in such cases made and provided.
XVI
ARBITRATION ~
Any dispute between the partners, regardless of whether it
is made specifically arbitrable herein, shaZl be the subject of arbi-
tration and shall be arbitrated in accordance with the provisions
herein contained, except to the extent that an inconsistent manner or
time period for appointing arbitrators shall b.~ otherwise specifica2ly
provided in this Agreement for~certain instances, in which event said
contrary specific provisions shall control in such instances.
(a) N,otice. A partner desiring arbitration shall give the
other partners(s) written notice of his intent to arbitrate a specific
matter, and he shall state the facts of his claim. Said written ndtice
shall be deemed to be the demand for arbitration.
(b) Appointment of Arbitrators. Within fourteen (14) days
after receipt of such notice and demand, the other partner(s) of his
(their) legal representative shall appoint a qualified person as his
(their) party-arbitrator and give notice thereof to the other (partner(s)
who has (have) demanded arbitration shall appoint his (their) partv- ~
arbitrator. Thereafter the two party-appointed arbitrators shall meet and
select a third arbitrator who shall act as chairman of the arbitratian
panel. In the event a third arbitrator cannot be mutually selected
within twenty (20) days of the appointment of.the initial two arbitrators,
either party may elect to provide the other with a list of ten groposed
arbitrators, by written notice, from which the receiving party shall
select one (1) within fourteen (14) days, and said arbitrator shall act
as chairman. The arbitrators so acting shall be compensated thereEor
by the partnership.
(c) Powers. The arbitrators shall conduct the arbitration
utilizing the then existing Commercial Arbitration rules of the
American Arbitration Association, and a decision or award of a
majority sha21 be final and binding upon the parties, and, if necessary
~ "K 347 PaGE 1185
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