DISPUTE SETTLEMENT/ARBITRATION. As it results from the preamble of this Agreement the latter was concluded with an International Organisation, hereinafter referred to as “the IO”. As far as this IO is concerned the following shall apply: (a) By way of derogation from Article II.18, any dispute between the Agency and the IO relating to the Agreement, which cannot be settled amicably shall be referred to an arbitration committee in accordance with the procedure specified in points (b) to (g). (b) When notifying the other party of its intention to resort to arbitration, the notifying party shall also inform the other party about its appointed arbitrator. The second party shall appoint its arbitrator within one month of receipt of that written notification. The two arbitrators shall, by joint agreement and within three months of the appointment of the second party’s arbitrator, appoint a third arbitrator who shall be the chairman of the arbitration committee, unless both parties agreed to have a sole arbitrator. (c) Within one month of the appointment of the third arbitrator, the parties shall agree on the terms of reference of the arbitration committee, including the procedure to be followed. (d) The arbitration proceedings shall take place in Brussels. (e) The arbitration committee shall apply the terms of the Agreement. The arbitration committee shall set out in its arbitral award detailed grounds for its decision. (f) The arbitral award shall be final and binding upon the parties, which hereby expressly agree to renounce any form of appeal or revision. (g) The costs, including all reasonable fees incurred by the parties related to any arbitration, shall be apportioned between the parties by the arbitration committee.
Appears in 4 contracts
Samples: Grant Agreement, Grant Agreement, Grant Agreement
