Agenda - Council - 08/13/2013 - Laserfiche WebLink

Home

14. Governing Law; Counterparts; Consent to Jurisdiction. This Bond Purchase Agreement shall be governed by the laws of the State of Minnesota and may be executed in several counterparts, each of which shall be regarded as an original and all of which shall constitute one and the same document. Any dispute or claim arising from or relating to this Bond Purchase Agreement, or the breach, termination or invalidity thereof, shall be finally settled by arbitration administered by the American Arbitration Association pursuant to the Commercial Arbitration Rules as then in force, except as modified by the specific provisions of this Bond Purchase Agreement. The law applicable to the validity of this arbitration provision, the conduct of the arbitration, including any resort to a court for provisional remedies, the enforcement of any award and any other question of arbitration law or procedure shall be the Uniform Arbitration Act, Minnesota Chapter 572. The parties agree that the Minnesota State courts and the federal courts located in Minnesota shall have exclusive jurisdiction over an action brought to enforce the rights and obligations arising from this provision to arbitrate, and each of the parties hereto irrevocably submits to the jurisdiction of said courts. Notwithstanding the foregoing, however, application may be made by either party to any court of competent jurisdiction wherever situated for enforcement of any judgment and the entry of whatever orders are necessary for such enforcement. Process in any action arising out of or relating to this Bond Purchase Agreement may be served on either party to this Bond Purchase Agreement anywhere in the world by delivery in person against receipt or by registered or certified mail, return receipt requested. The arbitration shall be conducted before a tribunal composed of one neutral arbitrator chosen by mutual agreement of the parties or, if no such mutual selection is made, in accordance with the procedures of the Commercial Arbitration Rules. The arbitrator shall be an attorney admitted to the Bar of the State of Minnesota who shall have practiced for at least fifteen (15) years, and shall have significant expertise in the areas of public and education finance. The arbitrator shall determine the rights and obligations of the parties according to the substantive laws of the State of Minnesota, excluding conflicts of laws principles. The arbitration award shall be based on and accompanied by a written opinion containing findings of fact and conclusions of law. The place of arbitration shall be in Minnesota unless otherwise agreed by the parties or unless the arbitrator designates some other location. -17-