International Dispute Resolution Provision
Any dispute, controversy or claim arising out of, in relation to, or in connection with the Agreement or the operation/activities carried out under the Agreement, including without limitation any dispute as to the existence, construction, validity, interpretation, enforceability or breach of the Agreement (hereafter “Dispute”) shall be subject to arbitration if no settlement of the Dispute is reached within sixty (60) days. Failing settlement of the Dispute by direct negotiations, either Party may initiate binding arbitration by giving notice to the other Party. The Arbitration will be administered by the American Arbitration Association (hereafter “AAA”) through its International Centre for Dispute Resolution (hereafter “ICDR”) using the UNCITRAL rules. The place of arbitration shall be London, England and the language to be used in the arbitral proceedings shall be English.
If the claim under Dispute is one million or less U.S. Dollars or other currency equivalent, then the arbitration shall be conducted by a sole arbitrator. The arbitrator shall be appointed in accordance with the procedure specified in the UNCITRAL rules.
If the claim under dispute is over one million U.S. Dollars or other currency equivalent, then the arbitration shall be conducted by three arbitrators. The arbitrators shall be appointed in accordance with the procedure specified in the UNCITRAL rules.
The Parties agree that all documents considered relevant by the submitting Party shall be submitted with the respective statement of claim/defence, and any counterclaim/reply. Neither Party may compel the other to produce additional documents. However, the arbitrator(s) shall have discretion, on the arbitrator’s own motion or at the request of a Party, to request the submission of additional documents for the arbitral tribunal. The Parties agree to limit the number of witnesses each may call to give evidence on its behalf to two witnesses of fact and one expert witness.
The Parties agree that the dispute should be resolved as speedily as possible. Therefore, any time limits specified in the Arbitration Rules shall be strictly complied with and the award should be issued by the arbitrator(s) within three (3) months of the commencement of the proceedings, or as soon thereafter as possible.
The arbitrator(s) shall give a reasoned award in writing and the award shall be final and binding. The Parties expressly agree to exclude any right of appeal or (except for enforcement or confirmation) reference to any court. Unless the Parties to this Agreement agree in writing otherwise, the Parties hereby agree to forego any claim for, and the arbitrator(s) shall have no power to award, damages for consequential loss or punitive damages. The award may be enforced by judgment or otherwise in any court having jurisdiction over the award or over the person or the assets of the owing Party. Applications may be made to such court for judicial recognition of the award and/or an order of enforcement, as the case may be.