Common use of Dispute Resolution Board Clause in Contracts

Dispute Resolution Board. Notwithstanding the provisions of this Clause, during the direct dealing stage, at the request of any of the PARTIES, they may submit their disputes to a Dispute Resolution Board, issuing a binding and enforceable decision, without prejudice to the right to resort to arbitration, unless otherwise agreed between the parties. In case of recourse to arbitration, the decision adopted is considered as a precedent in the arbitration process. This procedure does not apply in the case of disputes to which the dispute resolution mechanisms and procedures referred to in Law No. 28933, Law that establishes the System of Coordination and State Response in International Investment Disputes, or those provided for in international treaties that bind the Peruvian State, are applicable. The Dispute Resolution Board may be constituted at any time after the execution of the contract, in order to additionally develop functions of acquittal of queries and issuance of recommendations regarding issues and/or questions requested by the PARTIES of this CONTRACT. The Dispute Resolution Board is made up of three (03) experts who are appointed by the PARTIES directly or by delegation to a Center or Institution that administers alternative dispute resolution mechanisms. The members of the Dispute Resolution Board perform their activities in an impartial and independent manner, and may be of a nationality other than that of the PARTIES. This CONTRACT is subject to the following rules of interpretation: In case of divergence in the interpretation of this CONTRACT, the PARTIES shall follow the following order of priority to resolve said situation:

Dispute Resolution Board. Notwithstanding the provisions of this Clause, during the direct dealing stage, at the request of any of the PARTIES, they may submit their disputes to a Dispute Resolution Board, issuing a binding and enforceable decision, without prejudice to the right to resort to arbitration, unless otherwise agreed between the parties. In case of recourse to arbitration, the decision adopted is considered as a precedent in the arbitration process. This procedure does not apply in the case of disputes to which the dispute resolution mechanisms and procedures referred to in Law No. 28933, Law that establishes the System of Coordination and State Response in International Investment Disputes, or those provided for in international treaties that bind the Peruvian State, are applicable. The Dispute Resolution Board may be constituted at any time after the execution of the contract, in order to additionally develop functions of acquittal of queries and issuance of recommendations regarding issues and/or questions requested by the PARTIES of this CONTRACT. The Dispute Resolution Board is made up of three (03) experts who are appointed by the PARTIES directly or by delegation to a Center or Institution that administers alternative dispute resolution mechanisms. The members of the Dispute Resolution Board perform their activities in an impartial and independent manner, and may be of a nationality other than that of the PARTIES. This CONTRACT is subject to the following rules of interpretation: : a) In case of divergence in the interpretation of this CONTRACT, the PARTIES shall follow the following order of priority to resolve said situation: 1. The CONTRACT; 2. Official Letters; and