Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 528]

EXTRACTED TEXT FROM PAGE:

1949]

UNIVERSITY OF ILLINOIS

519

are engaged in activities of an educational or charitable character, the Company's payment to Edison for the general administration of the Company shall be limited to $T,ooo per month. No compensation shall be paid by the Company to its officers or directors. Nothing in this Section shall be deemed to preclude the payment of interest and dividends to Edison. SECTION 6.02. T h e University, once in each calendar year, shall be furnished a copy of an audit report, in reasonable detail, by Edison's regular independent public accountants which shall be a firm of recognized national standing. SECTION 6.03. The University shall have access at all reasonable times to the properties, accounts and records of the Company for the purpose of determining compliance with the provisions hereof.

ARTICLE V I I . MONTHLY BILLS

SECTION 7.01. As soon as practicable after the end of each month, the Company shall render the University a bill for all charges determined by the Company to be due hereunder up to the end of such month, and the University shall pay such bill within 30 days after the receipt thereof. Such monthly bills shall include such information as the University may request from time to time as to the service furnished to the University and others having contracts with the University pursuant to Section 3.02. The Company shall also, from time to time, upon request of the University, furnish to the University such information as the University may reasonably request in order to enable it to determine the accuracy and reasonableness of bills rendered in accordance with the terms and conditions of this agreement. SECTION 7.02. If it shall be found at any time during the term hereof that any bill rendered by the Company to the University has not been determined in accordance with the provisions hereof, the Company shall promptly correct such bill. If the University and the Company cannot agree as to the correctness of any bill, such bill shall nevertheless be paid when due under the provisions of Section 7.01 but the matter shall be submitted to arbitration as hereinafter provided. SECTION 7.03. Should the University fail to pay in full any bill when due, the Company shall have the right to discontinue, for that cause, the furnishing of service hereunder until such bill is paid, after giving the University 15 days' notice of the Company's intention to do so. Any such discontinuance shall not discharge the University from its obligation to continue to make all payments in accordance with the provisions hereof. The right of the Company to discontinue the furnishing of service as above provided shall be cumulative and in addition to any and every other remedy given hereunder or otherwise existing.

ARTICLE V I I I . ARBITRATION

SECTION* 8.01. If, at any time, a difference of opinion shall arise between the parties hereto in regard to their respective rights, duties and obligations hereunder, or in respect of any payments to be made by virtue hereof, and the parties hereto are unable to come to a mutual agreement thereon within 90 days thereafter, or within a longer period if both parties agree thereto, the question, or questions, in dispute shall be referred to a Board of Arbitrators consistmg of three persons skilled in the particular matter which is the subject of dispute. SECTION 8.02. Each of the parties hereto shall choose one of such arbitrators, and the two so chosen shall select the third arbitrator. SECTION 8.03. The party desiring such arbitration shall give written notice thereof to the other party, setting forth definitely therein the point, or points, in dispute and naming the person selected by such party to act as arbitrator. SECTION 8.04. If the party on whom such notice is served shall for 20 days thereafter fail to name by notice to the other party a person to act as its arbitrator, then the party giving such notice shall name the second arbitrator, and the two thus chosen shall select the third arbitrator. SECTION 8.05. If the two arbitrators chosen as herein provided shall be unable to agree upon a third arbitrator within 20 days after their appointment (or if they were appointed on different days, then within 20 days after the appointment of the one last appointed), then such third arbitrator shall be named and selected