The dispute shall be submitted to arbitration under the North Carolina Revised Uniform Arbitration Act, Chapter 1, Article 45C of the North Carolina General Statutes.
All negotiations, mediations, and arbitration hearings shall take place in Morehead City, North Carolina, or such other places the interested parties may agree upon in writing.
The arbitration shall be conducted by a single arbitrator who is a retired North Carolina state or federal judge or an attorney whose practice experience includes commercial litigation. The arbitrator must be a resident of the State of North Carolina. In the event the interested parties cannot agree upon an arbitrator, the decision shall be made by a Resident Superior Court Judge of Carteret County, North Carolina.
Prior to any arbitration hearing, limited discovery shall be permitted for the purpose of obtaining production of documents and taking depositions. All discovery shall be governed by the North Carolina Rules of Civil Procedure. All issues regarding discovery requests shall be decided by the arbitrator. All discovery shall be completed within 90 days after the selection of the arbitrator; provided, however, that the arbitrator shall have the authority to extend or reduce the time for discovery in a manner consistent with a general desire for expedited resolution of the dispute.
All fees and expenses for the arbitration shall be borne by the parties equally. However, each party shall bear the expense of said party’s own counsel, experts, witnesses, and preparation and presentation of proofs. Only in the case of extreme abuse of the procedure may the arbitrator reallocate such costs and expenses among the parties.
Any arbitral award may be enforced by an action in the Superior Court of Carteret County. The terms and conditions of this Agreement shall be construed, interpreted, and enforced under the laws and judicial decisions of the State of North Carolina, notwithstanding any principle of conflicts of law. In the event any part of this Agreement shall be declared illegal, invalid, or void, such declaration shall not affect the validity of any of the other terms or provisions of this document.