This Agreement terminates automatically and the 90-day notice period is cancelled upon the arrival of any of the following events: in case of liaison with “Agency”, the “Producer” may terminate the Contract at any time during the first twelve months of the Contract with a period of 90 days without penalty or financial commitment from either party. A provision for separation is provided after 12 months. If “producer” is in the process of terminating the contract with “Agency” and maintaining its accounts with “the Agency”, the “Producer” shall be paid by “Agency” in accordance with paragraph XI. If “producer” terminates the contract and takes away his Class A accounts, 36 months after the date of termination, the agency receives 25% of the renewal commissions for the Class A “producer” accounts. If “Producer” terminates the Contract and writes Class B accounts after termination, the “Agency” receives 50% of the renewal commissions for 36 months on the Class B accounts written by the “Producer”. “Producer” undertakes to pay the separation fee and acknowledges the royalty as a key element of the Contract. As an independent contractor and not as an employee, “producer” is liable for the following expenses arising from its various commissions: “producer” exempts “agency” from any liability that is imposed or claimed, including attorneys` fees and other legal fees resulting directly or indirectly from an act or failure of the personnel of the “producer” or “producer”. Representatives, assistants or subcontractors, including all claims related to the injury, disability or death of a person or damage to property. The distribution of commissions paid to the “producer” may be changed at any time by mutual agreement between “producer” and “agency”. XYZ, Inc., hereinafter referred to as “Agency”, John Doe, hereinafter referred to as “Producer”, ___ (1) All controversies or claims, arising out of or in connection with this Agreement or an Addendum, if they involve a right to money or damages, shall be settled by binding arbitration before a single arbitrator, in accordance with the rules of the American Arbitration Association; and the judgment on the arbitrator`s arbitral award may be submitted to any court of competent jurisdiction. After the opening of arbitration proceedings by one of the parties, the parties have 30 days to agree on a single arbitrator.
If such an agreement is not concluded within that period, either party may request that an arbitrator be appointed by the association in accordance with its rules. . . .