the dispute shall be referred to three arbitrators, one to be chosen by each party and the third by the two so chosen. If either party refuses or neglects to appoint an arbitrator within 30 days after the receipt of written notice from the other party requesting it to do so, the requesting party may nominate two arbitrators who shall choose the third. In the event the two arbitrators do not agree on the selection of the third arbitrator within 30 days after both arbitrators have been named, then the third arbitrator shall be selected pursuant to the commercial arbitration rules of the American Arbitration Association. If the American Arbitration Association fails to appoint the third arbitrator within 30 days after it has been requested to do so, either party may request a justice of the court of general jurisdiction of the state in which the arbitration is to be held to appoint the third arbitrator.The arbitrators shall be officials or former officials of other insurance or reinsurance companies which are affiliated with neither the Reinsurer nor the Company. The arbitration shall take place in the State of New York and arbitration proceedings are to be governed by rules of the American Arbitration Association and the New York State Arbitration Law. The arbitrators shall consider this Agreement an honorable engagement rather than merely a legal obligation; they are relieved of all judicial formalities and may abstain from following the strict rules of the law. The decision of a majority of the arbitrators shall be final and binding on both the Reinsurer and the Company and judgment upon the award rendered by the arbitrators may be entered into any court having jurisdiction thereof.Each party shall bear the expense of its own arbitrator and shall jointly and equally bear with the other party the expenses of the arbitration. ARTICLE XXIV - CONTROLLING LAWThis Agreement shall be governed by and construed in accordance with the l...
