Common use of Dispute Process Clause in Contracts

Dispute Process. 29.1 The Parties agree that any dispute (including an alleged breach of, or default under, any Transaction) will be determined in terms of this clause by written notice given to the other Party in accordance with provisions of the Commercial Code Act - 1977 (S.I. 95 of 1976) of the Republic of Seychelles by an arbitrator or arbitrators nominated by the Parties. 29.2 This clause shall not preclude either Party from obtaining urgent relief from a court of competent jurisdiction. 29.3 The Parties hereby consent to the arbitration being dealt with on an urgent basis in terms of the Rules of AFSA should either Party, by written notice require the arbitration to be held on an urgent basis. In such event the Parties agree to apply jointly to the AFSA Secretariat as required in terms of the said Rules to facilitate such urgent arbitration. 29.4 The arbitrator shall be, if the matter in dispute is principally - (a) a legal matter, a practising advocate or attorney of Victoria, Republic of Seychelles of at least fifteen years’ standing; (b) an accounting matter, a practising chartered accountant of Victoria, Republic of Seychelles of at least fifteen years’ standing; (c) any other matter, any independent person, agreed upon between the Parties. 29.5 Should the Parties to the dispute fail to agree whether the dispute is principally a legal, accounting or other matter within seven days after the arbitration was demanded, the matter shall be deemed to be a legal matter. 29.6 Should the Parties fail to agree on an arbitrator within fourteen days after the giving of notice in terms of clause 29.1, the arbitrator shall be appointed at the request of either Party to the dispute. 29.7 The decision of the arbitrator shall be final and binding on the Parties to the dispute and may be made an order of the court referred to in clause 29.8 at the instance of any of the parties to the dispute. 29.8 The Parties hereby consent to arbitration being held in Victoria, Republic of Seychelles and to the jurisdiction of the High Court of Seychelles in respect of the proceedings referred to in clause 29.2. 29.9 The Parties agree to keep the arbitration including the subject matter of the arbitration and the evidence heard during the arbitration confidential and not to disclose it to anyone except for purposes of obtaining an order as contemplated herein. 29.10 The provisions of this clause are severable from the rest of this Agreement and shall remain in effect despite the termination of or invalidity for any reason of this Agreement.