Common use of Court of arbitration Clause in Contracts

Court of arbitration. In the event of any difference in the interpretation of this Agreement, the parties may submit the case to arbitration. Unless specified otherwise below by the parties, the provisions of the Civil Procedure Code (ZPO, Articles 353 ff.) shall apply. The arbitral tribunal may propose a settlement before making its ruling. The arbitral tribunal shall consist of a chair and two members. Each party must nominate a member within 30 days. These members shall nominate a chair within ten days. Where no agreement on a chair can be reached, this position shall be taken by the President of the Commercial Court of the Canton of Zurich or a person nominated by them. The arbitral tribunal shall sit in Zurich. Proceedings shall be conducted as rapidly as possible. Decisions of the arbitral tribunal shall be final.