Common use of Interpretation and Settlement of Disputes Clause in Contracts

Interpretation and Settlement of Disputes. 1. Any dispute concerning the interpretation or application of this Agreement, which cannot be settled by negotiation, conciliation or similar means, may be referred by any party to the dispute to the Governing Council for its recommendation. Failing settlement of the dispute, the matter shall be submitted to an arbitral tribunal consisting of three arbitrators. The parties to the dispute shall appoint one arbitrator each; the two arbitrators so appointed shall designate by mutual consent the third arbitrator, who shall be the President of the tribunal. If one of the parties does not appoint an arbitrator within two months of the appointment of the first arbitrator, or if the President of the arbitral tribunal has not been designated within two months of the appointment of the second arbitrator, the Chairman of the Governing Council shall designate him within a further two-month period.

Interpretation and Settlement of Disputes. 1. Any dispute concerning the interpretation or application of this Agreement, Agreement which cannot be settled by negotiation, conciliation or similar means, means may be referred by any party to the dispute to the Governing Council for its recommendation. Failing settlement of the dispute, the matter shall be submitted to an arbitral tribunal consisting of three arbitrators. The parties to the dispute shall appoint one arbitrator each; the two arbitrators so appointed shall designate by mutual consent the third arbitrator, who shall be the President of the tribunal. If one of the parties does not appoint an arbitrator within two months of the appointment of the first arbitrator, or if the President of the arbitral tribunal has not been designated within two months of the appointment of the second arbitrator, the Chairman of the Governing Council shall designate him the arbitrator or the President, as the case may be, within a further two-two- month period.

Interpretation and Settlement of Disputes. 1. Any dispute concerning the interpretation or application of this Agreement, which cannot be settled by negotiation, conciliation or similar means, means may be referred by any party to the dispute to the Governing Council for its recommendation. Failing settlement of the dispute, the matter shall be submitted to an arbitral tribunal consisting of three arbitrators. The parties to the dispute shall appoint one arbitrator each; the two arbitrators so appointed shall designate by mutual consent the third arbitrator, who shall be the President of the tribunal. If one of the parties Parties does not appoint an arbitrator within two months of the appointment of the first arbitrator, or if the President of the arbitral tribunal has not been designated within two months of the appointment of the second arbitrator, the Chairman of the Governing Council shall designate him the arbitrator or the President, as the case may be, within a further two-month period.