In this proceeding to stay arbitration, petitioner (Stigwood), a British phonograph record manufacturer and distributor, entered a three-year agreement, commencing October 1, 1972, granting respondent (Atlantic) the exclusive right to market in the United States certain master recordings on Stigwood's phonograph record label. Paragraph 18(d) of the agreement provided that upon expiration of the term, Stigwood would have the option in its "sole...
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