Caldera has advised the ICDR/AAA that it is unable to pay any fees due to its financial condition leaving Global Gold in the regrettable position to pay the outstanding fees for the Arbitration hearing to proceed or the Arbitrator changing his mind and deciding to restart the hearing. This is the second time that the Arbitration has been suspended the Arbitration for non-payment.
The American Arbitration Association (AAA), is a not-for-profit organization operating in the field of alternative dispute resolution, providing services to individuals and organizations who wish to resolve conflicts out of court. This is a fee based service and the arbitrator is paid for by the parties.
Under Rule-54 of the AAA it states:
R-54. Suspension for NonpaymentIf arbitrator compensation or administrative charges have not been paid in full, the AAA may so inform the parties in order that one of them may advance the required payment. If such payments are not made, the arbitrator may order the suspension or termination of the proceedings. If no arbitrator has yet been appointed, the AAA may suspend the proceedings.The Arbitrator has every legal right to suspend the hearing and even terminate.
Caldera will provide an update as soon as one is available.
For more information please contact
Caldera Resources Inc.