Truplug

FACTS AND PROCEDURE

Truplug is the inventor of a product (called Truplug) described as “a temporary and emergency plug for a boat leak caused by a maintenance failure or boat hull breach . . . .” In 2009, Truplug and Forespar entered into an agreement (the Agreement) whereby Truplug would manufacture the product and Forespar had exclusive rights to market and distribute the product. As relevant to the petition to compel arbitration, the Agreement contained the following provisions: “15.4 Termination for Material Breach. In the event that either party materially breaches any provision of this Agreement, the other party hereto shall have the right, in addition to all other remedies available to it, to terminate this Agreement upon ninety (90) days’ written notice to the defaulting party; provided, however, that if said party within such ninety (90) day period cures the breach, this Agreement and the license rights granted hereunder shall continue in full force and effect. All breaches of this Agreement shall be construed in a manner as to be curable. In the event of a dispute over whether a breach has occurred or has been cured after such ninety (90) day period, the parties agree…