Question from Mmm2, How to Draft an Effective Arbitration Clause for Commercial Contracts?
Answer from AI:
The parties agree that any dispute, controversy or claim arising out of or relating to this contract, including its formation, interpretation, performance, breach or termination, shall be finally settled by arbitration in accordance with the following terms:
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Composition of the Tribunal
The arbitral tribunal shall consist of three (3) arbitrators, thereby ensuring an odd number of members. -
Seat of Arbitration
The legal seat (place) of arbitration shall be Paris, France. -
Language of Arbitration
The language to be used in all arbitral proceedings and in the written award shall be English. -
Time Limit for Award
The tribunal shall render its final award no later than six (6) months from the date on which the tribunal is constituted. -
Governing Law of the Arbitration Clause (Lex Arbitri)
This arbitration agreement shall be governed by, and construed in accordance with, the laws of France. The parties submit to the exclusive jurisdiction of the French courts solely for the purpose of enforcing or challenging any arbitral award. -
Governing Law of the Contract
The substantive law governing the merits of the dispute and the contract itself shall be the law of France. -
Arbitration Rules
The arbitration shall be conducted under the International Chamber of Commerce (ICC) Rules of Arbitration, the latest version in force at the time of the commencement of the arbitration, which are deemed incorporated by reference into this clause. -
Confidentiality and Finality
The arbitration proceedings and the award shall be confidential. The award shall be final and binding upon the parties, and judgment upon the award may be entered in any court having jurisdiction.
The parties acknowledge that this clause has been drafted to comply with French arbitration law (see French Code of Civil Procedure, art. 1442 et seq.) and the ICC Rules, and they each confirm that they have had the opportunity to obtain independent legal advice.
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