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5. Section 29 requires mediation, followed by arbitration, in lieu of litigation, to resolve disputes. What are the advantages and disadvantages of
5. Section 29 requires mediation, followed by arbitration, in lieu of litigation, to resolve disputes. What are the advantages and disadvantages of such a provision? How should the mediator and/or arbitrators be selected?
6. As a businessperson guided by a Biblical worldview, what changes would you make in this lease to make the terms comport more closely to Scripture?
29. Dispute Resolution
Except for any claim relating to Tenant's default in the payment of rent, Landlord and Tenant agree to submit any and all other claims, controversies, and disputes between Tenant and Landlord arising out of or relating to the Leased Premises, this Lease, or the parties' performances due hereunder to mediation pursuant to the mediation rules contained in applicable state statutes and rules of civil procedure, prior to demanding arbitration. Landlord and Tenant agree to maintain all communications made at such mediation in the strictest confidence between themselves and their counsel, unless otherwise required to disclose same under applicable law.
If, after sixty (60) days of mediation, the parties fail to reach agreement, the claim, controversy, or dispute shall be resolved by binding arbitration administered by and in accordance with the commercial rules of the American Arbitration Association, and any court of competent jurisdiction shall enter final judgment on any such final award rendered by the arbitrators.
