Arbitration Clause

In the event the Parties are unable to resolve any dispute or conflict arising from or relating to this Agreement within thirty (30) days after it is formally presented for resolution by written notice, any Party may submit such conflict for resolution to the Chief Executive Officers of the Parties.

In the event the Chief Executive Officers of the Parties are unable to resolve such conflict within thirty (30) days after having such conflict submitted to them for resolution, the Disputes shall be finally settled under the Riles of Conciliation and Arbitration of the International Chamber of Commerce in Paris ("Rules") by three (3) arbitrators appointed in accordance with the Rules. The place of arbitration shall be Zurich. the procedural law of this place shall apply where the Rules are silent. The arbitral award shall be substantiated in writing. The arbitral tribunal shall decide on the matter of costs of the arbitration. The language to be used in the arbitral proceedings shall be English. [DA #3]

1) What are the strengths?

2) What are the weaknesses? For example, is there too much detail or insufficient detail? Are there any ambiguities?

4) Use the arbitration check list below to establish where and how the arbitration clauses overlap and where there are gaps.

Arbitration Check List:

Scope of Arbitration

Location of Arbitration

Number of Arbitrators

Selection process/composition

Rules of Arbitration (e.g. UNCITRAL)

Governing Law for the Substantive Issues

Confidentiality

Language of arbitration Proceedings

Arbitrator's written response for the award

Permitting Punitive Damages

Agreement to enter judgement

Cost, Fees, Expenses

Remedies for failure to arbitrate

Hybrid mediation -arbitration

Additional Points

Reference if needed: A Practical Guide to Drafting Contracts by Wolters Kluwer