Template Operating Agreement: Worker Cooperative Llc With A Permanent Capital Member Page 18
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26of any party involved, be submitted to, and settled by, arbitration in the county in which the main
office of the Company is located and pursuant to the commercial arbitration rules then in effect
of the American Arbitration Association (or at any time or at any other place or under any other
form of arbitration mutually acceptable to the parties so involved). Any award rendered shall be
final and conclusive upon the parties and a judgment thereon may be entered in the highest court
of the forum, state or federal, having jurisdiction. The expenses of the arbitration shall be borne
equally by the parties to the arbitration, provided that each party shall pay for and bear the cost
of its own experts, evidence and counsel’s fees, except that in the discretion of the arbitrator, any
award may include the cost of a party’s counsel if the arbitrator expressly determines that the
party against whom such award is entered has caused the dispute, controversy or claim to be
submitted to arbitration as a dilatory tactic.
9.7 Binding Effect. This Agreement will be binding upon and inure to the benefit of
the Members, and their respective distributees, successors and assigns; provided, however,
nothing contained in this Section 9.7 shall limit the effectiveness of any restriction on transfers of
membership interests.
9.8 Headings. All headings are inserted only for convenience and ease of reference
and are not to be considered in the construction or interpretation of any provision of this
Agreement.
9.9 Severability. If any provision of this Agreement is held to be illegal, invalid or
unenforceable under the present or future laws effective during the term of this Agreement, the
provision will be fully severable; this Agreement will be construed and enforced as if the illegal,
invalid, or unenforceable provision had never comprised a part of this Agreement; and the
remaining provisions of this Agreement will remain in full force and effect and will not be
affected by the illegal, invalid or unenforceable provision or by its severance from this
Agreement. Furthermore, in lieu of the illegal, invalid or unenforceable provision, there will be
added automatically as a part of this Agreement a provision as similar in terms to the illegal,
invalid or unenforceable provision as may be possible and be legal, valid and enforceable.
9.10 Multiple Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original, and counterpart signature pages may be
assembled to form a single original document.
9.11 Additional Documents and Acts. Each Member agrees to execute and deliver
such additional documents and instruments and to perform such additional acts as may be
necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and
conditions of this Agreement and the transactions contemplated by this Agreement.
9.12 No Third Party Beneficiary. Subject to Section 9.3, this Agreement is made
solely and specifically among and for the benefit of the parties, and their respective successors
and assigns subject to the express provisions relating to successors and assigns, and no other
Person will have any rights, interest or claims or be entitled to any benefits under or on account
of this Agreement as a third party beneficiary or otherwise. None of the provisions of this
Agreement shall be for the benefit of or enforceable by any creditors of the Company.
15
15
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Business