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copyright owners entitled to royalty fees under subsec

tion (b)(4) of this section: Provided, That

“(i) such agreements are accepted unanimously by the panel of copyright owners consti

tuted in accordance with paragraph (B) of this clause; and

"(ii) copies of such agreements are filed in the Copyright Office within thirty days of execu

tion in accordance with regulations that the Register shall prescribe.

"(F) The obligation to pay the royalty fees established under a voluntary agreement which has been filed with the Copyright Office in accordance with this clause shall become effective on the date specified

therein, and shall remain in effect until superseded in accordance with clause (6) of this subsection.

"(3)(A) COMPULSORY ARBITRATION.-Not later than four months after the effective date of this Act, and on the commencement of every three-year adjustment under clause (6) of this subsection, the Register shall cause notice to be published in the Federal Register of the initiation of arbitration proceedings for the

purpose of determining reasonable terms and rates of

royalty fees to be paid under subsection (b)(1) of this

section by manufacturers and importers of video re

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cording devices or video recording media who are not

parties to a voluntary agreements fled with the Copy

right Office in accordance with clause (2) of this wihsection, unless the Register determines that such roi

untary agreement have been accepted by all such inporters and maniacomers. Such notice that keinde the names and malfeans of potential acrean chosen by the Regisær inn i la fi mlalle erazz wc socized from de veren krizzo to Edin ir sia sular organzaton u the Begrar sal

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copyright owners entitled to royalty fees under subsec

tion (b)(4) of this section: Provided, That

"(i) such agreements are accepted unanimously by the panel of copyright owners consti

tuted in accordance with paragraph (B) of this clause; and

"(ii) copies of such agreements are filed in the Copyright Office within thirty days of execution in accordance with regulations that the Register shall prescribe.

"(F) The obligation to pay the royalty fees established under a voluntary agreement which has been filed with the Copyright Office in accordance with this clause shall become effective on the date specified

therein, and shall remain in effect until superseded in accordance with clause (6) of this subsection.

"(3)(A) COMPULSORY ARBITRATION.-Not later than four months after the effective date of this Act, and on the commencement of every three-year adjustment under clause (6) of this subsection, the Register shall cause notice to be published in the Federal Register of the initiation of arbitration proceedings for the

purpose of determining reasonable terms and rates of

royalty fees to be paid under subsection (b)(1) of this

section by manufacturers and importers of video re

13

cording devices or video recording media who are not

parties to a voluntary agreements filed with the Copyright Office in accordance with clause (2) of this sub

section, unless the Register determines that such vol

untary agreements have been accepted by all such importers and manufacturers. Such notice shall include the names and qualifications of potential arbitrators chosen by the Register from a list of available arbitrators obtained from the American Arbitration Associ

ation or such similar organization as the Register shall select.

"(B) Not later than ten days after publication of the notice initiating an arbitration proceeding, and in accordance with procedures to be specified by the Register, one arbitrator shall be selected from the published list by copyright owners who claim to be entitled

to royalty fees under subsection (b)(4) of this section and one arbitrator shall be selected from the published list by importers and manufacturers of devices and media who are not parties to a voluntary agreement

filed with the Copyright Office in accordance with clause (2) of this subsection, and the two arbitrators so selected shall within ten days after their selection

choose a third arbitrator from the same list, who shall

serve as chairperson of the arbitrators. If either group

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fails to agree upon the selection of an arbitrator, or if the arbitrators selected by such groups fail to agree

upon the selection of a chairperson, the Register shall promptly select the arbitrator or chairperson, respec

tively. The arbitrators so selected shall constitute an Arbitration Board.

"(C) The Arbitration Board shall conduct an arbitration proceeding in accordance with such procedures, not inconsistent with law, as it shall adopt, and may conduct separate proceedings with respect to devices and media if warranted under the circumstances. The Board shall act on the basis of a fully documented

written record. Any copyright owner who claims to be

entitled to royalty fees under subsection (b)(4) of this section, and any importer or manufacturer of devices or media who is not party to a voluntary agreement filed

with the Copyright Office in accordance with clause (2)

of this subsection, may submit relevant information and proposals to the Board: Provided, That the parties to

the proceeding shall bear the entire cost thereof in

such manner and proportion as the Board shall direct.

"(D) In determining royalty fees under this clause, the Arbitration Board shall consider, in addition

to all other relevant factors, the following criteria: