MEDIATION/ARBITRATION: In the event that Owner and Contractor cannot first agree between themselves to a resolution of any dispute or claim, Owner and Contractor agree that all disputes, claims and controversies between them arising from this Agreement or otherwise, including without limitation contract disputes, warranty claims, tort claims, and/or any dispute as to the meaning or interpretation of any provision of this Agreement or any agreement between the parties, shall first be submitted to mediation/conciliation through _____________________, under rules then in effect. If after mediation/conciliation the dispute has not been resolved, it shall be resolved by binding arbitration pursuant to the laws of the State of _______. Arbitration shall be conducted by three (3) disinterested and impartial arbitrators who have knowledge and expertise in real estate, building and construction matters. One (1) arbitrator shall be appointed by Owner, one (1) arbitrator shall be appointed by Contractor and the third (3rd) arbitrator shall be agreed upon and appointed by the other two (2) arbitrators selected by the parties. If the two (2) appointed arbitrators cannot agree on a third arbitrator, the selection of a third arbitrator will be made by the then sitting administrative Judge of the ____________ Division. Owner and Contractor agree to equally share the fees charged by the three arbitrators selected to preside over the arbitration. The parties agree that discovery for such arbitration shall be conducted in accordance with _______(s) Rules of Civil Procedure and _______(s) Rules of Evidence. Owner and Contractor agree that the findings and conclusions of the arbitrators, or a majority thereof, shall be binding upon Owner and Contractor. Judgment upon any award rendered by the arbitrators may be entered in any court having jurisdiction. The statute of limitations, estoppel, waiver, laches and similar doctrines which would otherwise be applicable in an action brought by a party shall be applicable in any arbitration proceeding, and the commencement of an arbitration proceeding shall be deemed the commencement of any action for these purposes. Notwithstanding anything contained herein to the contrary, Contractor may still enforce against Owner any and all mechanic's lien rights, including an action for foreclosure, without resort to arbitration.
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