If a party to an arbitration agreement dies, in the case of an individual, after the conclusion of the arbitration agreement, the arbitration agreement shall be binding on the successor of the decedent’s heirs who succeed to his rights and obligations. The heirs will be entitled to exercise any rights and bear any obligations arising under or relating to such arbitration agreement. Provided, however, that heirs may refuse to succeed to the decedent’s estate, in such a case, they will not be bound by the arbitration agreement, and the arbitration agreement will be deemed invalidated if no other heirs are willing to succeed to the estate. After the invalidation of the arbitration agreement, the other party to the arbitration agreement may only seek to settle disputes by other means, e.g., by filing a lawsuit.

If a party to an arbitration agreement is terminated, in the case of an entity, after the conclusion of the arbitration agreement, the arbitration agreement shall be binding on the successor of the party to succeed to its rights and obligations. The successor will be entitled to exercise any rights and bear any obligations arising under or relating to such arbitration agreement as if it were a party thereto. But if there is no successor, and the arbitration agreement will be deemed invalidated. In such a case, the disputes will have to be resolved by other means, e.g., through bankruptcy procedure, filing a lawsuit against the receiver, administer, etc.