Common use of Arbitration Panel Report Clause in Contracts

Arbitration Panel Report. 1. The report of the arbitration panel shall be drafted without the presence of the Parties. The arbitration panel shall base its report on the relevant provisions of this Agreement and the submissions and arguments of the Parties, and may take into account any other relevant information provided to the arbitration panel. 2. The arbitration panel shall submit its report containing its findings and conclusions to the Parties, as a general rule not later than three months from the date of establishment of the arbitration panel. If the arbitration panel cannot submit its report within this period, it may extend that period to a maximum of five months from the date of establishment of the arbitration panel. 3. Arbitration panels shall interpret the provisions of this Agreement in accordance with customary rules of interpretation of public international law, due account being taken of the fact that the Parties must perform this Agreement in good faith and avoid circumvention of their obligations. 4. In cases of urgency, including those involving perishable goods, the arbitration panel shall make every effort to issue its report to the Parties within 75 days from the date of establishment of the arbitration panel. In no case should it do so later than four months from that date. The arbitration panel may give a preliminary report on whether a case is urgent. 5. The report of the arbitration panel shall be final and binding on the Parties. 6. The report shall contain both the descriptive part summarizing the submissions and arguments of the Parties and the findings and determinations of the arbitration panel. If the Parties agree, the arbitration panel may make recommendations for resolution of the dispute in its report. The findings and determinations of the arbitration panel and, if applicable, any recommendations cannot add to or diminish the rights and obligations of the Parties provided in this Agreement.