Dispute Resolution and Applicable Law. 1. The Parties shall first attempt to settle amicably any dispute arising out of the Agreement. Any disputes shall be finally settled under the rules of arbitration of the DIS (Deutsche Institution für Schiedsgerichtsbarkeit e.V.). The award shall be binding on the Parties. The arbitral tribunal consists of three arbitrators, of which one acts as chairperson; the chairperson shall have a university degree in law. The arbitral tribunal shall decide on the regulation of the cost of arbitration, including, but not limited to, arbitrators’ fees, lawyers’ fees and costs of arbitration, in accordance with the outcome of arbitration: these costs shall be paid by the losing party in the arbitration. Arbitration shall take place in Düsseldorf, Germany. The language of the arbitration proceedings shall be English. 2. The Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by the laws of Germany.
Appears in 7 contracts
Samples: Sief Agreement, Sief Agreement, Sief Agreement
