Common use of Formation of Tribunal Clause in Contracts

Formation of Tribunal. The ad hoc arbitration tribunal shall be constituted as follows: (1) Each Party shall appoint one member and these two members shall agree upon a national of a third state as their chairman. Such members shall be appointed within two (2) months from the date one Party has informed the other Party of its intention to submit the dispute to an arbitration tribunal, the chairman of which shall be appointed within two (2) further months. (2) If the periods specified in paragraph (1) of this Article are not observed, either Party may, in the absence of any relevant arrangement, invite the President of the International Court of Justice to make the necessary appointments. If the President of the International Court of Justice is a national of either of the Parties or if he/she is otherwise prevented from discharging the said function, the Vice-President or in case of his/her inability the member of the International Court of Justice next in seniority should be invited under the same conditions to make the necessary appointments. (3) Members of an arbitration tribunal shall be independent and impartial.