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This Agreement is made between International Catastrophe Insurance Mangers, LLC, CA DBA ICAT Managers Insurance Services ("Company") and the Broker as of the date this Agreement is fully executed by the Company and the Broker.
This Agreement may be signed by electronic e-signature.
Failure to notify Company within ten (10) days of the events listed in 5 6(b-d,d, f) shall be considered a breach of this Agreement as determined by Company. Any breach under this provision may result in the immediate termination of this Agreement as determined by Company (see Section 17).
The determination of the arbitrator(s) shall be final and binding on all parties, provided such determination is made in writing and signed by a majority of the arbitrator(s). The arbitrator(s) shall provide a short, written statement explaining the reasons for the determination. When the arbitration results in an award, such award shall include interest at the maximum amount permitted by law per annum running from the date when the amount that is the subject of the award first became due.
The costs of the arbitration shall be borne equally by the parties. Each party shall be responsible for its own attorneys' fees.
Unless the parties agree in writing otherwise, all hearings or other proceedings shall be held in San Mateo, California.
However, in the event of termination of this Agreement, if the Broker has not then properly accounted for and paid all premiums to the Company for which it is liable under this Agreement, the use and control of the Broker’s expirations, including all right, title, and interest in and to the records thereof, shall be vested in the Company as of the date of such termination. In the exercise of its right to collect any indebtedness due from the Broker through the ownership, use, and control of the Broker’s expirations or work product, the Company shall use reasonable business judgment in selling the expirations and shall be accountable to the Broker for all sums received which, net of expenses, exceed the amount of indebtedness. The Broker shall remain liable for the excess of the indebtedness over the sums received by the Company.