other party that it is referring the dispute to binding arbitration and appoint an arbitrator. Within 15 days of such notice , the other party must appoint a second arbitrator. Such arbitrators shall not have a financial interest in the dispute and shall not take instructions from either party . The two arbitrators appointed by the US and EC shall appoint a third arbitrator , selected from a list of arbitrators complied by the US and EC , or by random selection if necessary , within 15 days after the appointment of the second arbitrator . The third arbitrator shall not be a national óf either party , shall not have a financial interest in the dispute , and shall serve as Chairman of the arbitration panel . The rules of procedure shall be established by the EC and the US or, failing that , by the arbitrators. The procedures shall assure a right to at least one hearing before the panel as well as the opportunity to provide written submissions and rebuttal arguments. Each party shall bear the cost of its own arbitrator and its presentation in the proceedings. The cost of the Chairman and the remaining cost of the proceeding shall be borne equally by the US and EC . 3 . The panel shall make its decisions by majority vote. 4 . Within three months after the Chairman is appointed , the panel shall determine whether there has been an infringement of this Agreement. The panel shall also determine the appropriate measures to remedy such infringement. In extraordinary circumstances that prevent the panel from meeting the required deadline, the parties may agree to extend the deadline but only to the extent necessary . 5 . In the case of a clear and significant violation of Article 2 or 3 , the adversely affected party may propose a preliminary remedy to offset the effects of such a violation pending a final arbitral determination . The preliminary remedy shall be subject to the same guidelines as a final remedy . The procedures for establishing a preliminary remedy shall be as follows: ( a ) If the matter has not been resolved through consultations within 15 days , and notice has been given by the adversely affected party that it considers the matter to be a clear and significant violation , the parties shall within five days appoint the Chairman of the arbitration panel by agreement or by random selection from the mutually compiled list . ( b) After selection of the Chairman, the adversely affected party may submit to the Chairman a proposed preliminary remedy to offset effects of such a violation . Within 15 days , the Chairman must decide whether to authorize the proposed preliminary remedy, or to modify or disapprove such proposed remedy. The decision of the Chairman on the existence , scope , nature and duration of the preliminary remedy shall be made taking into account the clarity