All disputes arising from the execution of, or in connection with the contract shall be settled through friendly negotiation between both parties. In case o settlement to disputes can be reached through negotiation, the disputes shall be submitted for arbitration.
All disputes arising from the execution of, or in connection with this contract shall be settled through friendly negotiation between both parties hereto. In case no settlement to disputes can be reached through negotiation, the disputes shall be submitted for arbitration.
The arbitration award shall be final and binding upon both contracting parties. Neither party shall seek recourse from a Court of Law for revising the decision. The arbitration expenses shall be borne by the losing party unless otherwise awarded by the said Arbitration Organization. Both parties shall fulfill the arbitration award in accordance with the time limit stipulated. Should one of the parties not fulfill the award after this time limit, the other party shall have the right to apply for fulfillment to court at a place of jurisdiction. In the course of arbitration, this Contract shall be continuously executed by both parties except the part of this contract which is under arbitration.
Section X.01. Scope of Arbitration. Any controversy or claim arising out of or relating to this Agreement is to be resolved by arbitration.
Section X.02. Administration of Arbitration. The arbitration is to be administered by the American Arbitration Association and is to be conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association.
Section X.03. Appointment of Arbitrators. The arbitration is to be held before a panel of three arbitrators, each of whom must be independent of the parties. No later than 15 days after the arbitration begins, each party shall select an arbitrator and request the two selected arbitrators to select a third neutral arbitrator. If the two arbitrators fail to select a third on or before the tenth day after the second arbitrator was selected, either party is entitled to request the American Arbitration Association to appoint the third neutral arbitrator in accordance with its rules. Before beginning the hearings, each arbitrator must take an oath or provide an undertaking of impartiality.
Section X.04. Scope of Arbitrator’s Authority.
(a) Interim Relief. Either party is entitled to seek from any court having jurisdiction any interim or provisional relief that is necessary to protect the rights or property of that party. By doing so, that party does not waive any right or remedy under this Agreement. The interim or provisional relief is to remain in effect until [an arbitral tribunal is established] [the arbitration award is rendered or the controversy is resolved].
(b) Punitive Damages. The arbitrators have no authority to award punitive damages or other damages not measured by the prevailing party’s actual damages, and may not, in any event, make any ruling, finding or award that does not conform to the provision of this Agreement.
Section X.05. Time Limitation. Any arbitration proceeding under this Agreement must be commenced no later than one year after the controversy or claim arose. Failure timely to commence an arbitration proceeding constitutes both an absolute bar to the commencement of any arbitration proceedings with respect to the controversy or claim, and a waiver of the controversy or claim.
Section X.06. Choice of Law. The arbitrators are
to interpret all controversies and claims arising under or relating
to this Agreement in accordance with the laws of
Section X.07. Venue. The arbitration is to be