Common use of Applicable Law and Settlement of Dispute Clause in Contracts

Applicable Law and Settlement of Dispute. 9.1 This Agreement shall be governed by and interpreted in accordance with the laws of the People’s Republic of China. 9.2 Any dispute arising from or out of the interpretation or performance of or in connection with this Agreement shall first be settled by both parties through friendly negotiations or mediation. In case no settlement can be reached, such dispute may be referred to Beijing Arbitration Commission for arbitration in accordance with its arbitration rules then in effect. The arbitral award shall be final and binding upon both parties. Arbitration costs shall be borne by the losing party, unless otherwise awarded by the arbitral award.