TT International, a UK-based company specialising in cutting-edge tech hardware, entered into a contract with IS Software, a tech firm from Singapore, to collaborate on the development of an integrated hardware-software product for the global market.

The collaboration agreement includes the following clauses:

Dispute Resolution Clause:

"In the event of any dispute, controversy, or claim arising out of or relating to this Agreement, or the breach, termination or invalidity thereof, the parties hereto shall first attempt to resolve such dispute through friendly consultation. If the dispute cannot be resolved by mutual consultation within thirty (30) days from the date of the commencement of such consultations, then either party may refer such dispute to arbitration in accordance with the International Chamber of Commerce (ICC) Rules of Arbitration in effect on the date when the Notice of Arbitration is submitted in accordance with these Rules. The arbitral tribunal shall consist of three arbitrators. The place of arbitration shall be London, United Kingdom."

Governing Law Clause:

"This Agreement shall be governed by and interpreted in accordance with the laws of England and Wales, without regard to its conflicts of laws principles."

Questions:

1. Explain the significance of choosing the ICC Rules of Arbitration for TT International and IS Software. What are the benefits of opting for this mode of dispute resolution, considering the nature of their business collaboration?

1. Based on the ICC Rules of Arbitration that entered into force on 1 January 2021, outline the process that will be followed from the initiation of the arbitration until the award, assuming that IS Software has initiated the arbitration.

1. Discuss the implications of the chosen place of arbitration (London) on the proceedings, considering both practical logistical and legal perspectives. How might the choice influence the conduct of the arbitration?

1. Analyse the Governing Law Clause. Why might the parties have chosen the laws of England and Wales to govern their agreement? What are the advantages and potential challenges associated with this choice?