Arbitration of Conscience Sample Clauses

Arbitration of Conscience. All and each one of the Technical Controversies that may not be directly settled by the parties within the term of direct negotiation shall be submitted to an arbitration of conscience, according to Section 3 of Article 57 of Legislative Decree N° 1071, whereby the arbitrators shall settle according to their best knowledge and belief. The arbitrators may be national or foreign experts, but in all cases they shall have wide experience in the matter of the respective Technical Controversy, and should not have conflict of interests with any of the parties at the time and after their appointment as arbitrators. The Arbitral Tribunal may request to the parties the information it deems necessary to settle the Technical Controversy it knows, and as consequence of it may submit to the parties a proposal of conciliation, which may be or not accepted by them. The Arbitral Tribunal may act all the evidentiary means and request to the parties or third parties the evidentiary means it considers as necessary to settle the proposed claims. The Arbitral Tribunal shall prepare a preliminary decision that will be notified to the parties within thirty (30) days following to its installation, and the parties shall have a term of five