Common use of Governing Law and Settlement of Disputes Clause in Contracts

Governing Law and Settlement of Disputes. 8.1 The execution, effectiveness, performance, construction and settlement of disputes shall be governed by the laws of the PRC without regard to conflict of laws principles. 8.2 In the event of any dispute with respect to or in connection with the construction and performance of the provisions of this Agreement, the Parties shall first negotiate in good faith to resolve the dispute. In the event the Parties fail to resolve the dispute through the methods above-mentioned within sixty(60) days or longer term otherwise specified by Parties after the any Party’s notice in writing for resolution of the dispute, any Party may submit the relevant dispute to China International Economic and Trade Arbitration Commission in Shijiazhuang for binding arbitration. The languages used during arbitration shall be Chinese. The arbitration shall be final and binding on Parties.