Common use of JURISDICTION AND ARBITRATION Clause in Contracts

JURISDICTION AND ARBITRATION. 23.1 This Agreement is governed by, and shall be interpreted in accordance with, the PRC laws and regulations. 23.2 The Parties shall use good faith to resolve any dispute, controversy or claim (collectively, the “Dispute”) arising from, or in connection with, the interpretation or performance of this Agreement through amicable negotiation, during which the Parties may consult the regulatory authority. If a settlement cannot be reached through negotiation within sixty Days after one Party has brought the matter to the other Party, the Parties may refer such matter to arbitration. 23.3 The Dispute shall be submitted to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with its rules in force at the time of arbitration. The Dispute shall be decided by three arbitrators. Each party shall appoint one arbitrator, and the third arbitrator shall be appointed by the other two arbitrators, provided that if the other two arbitrators cannot decide on the choice of the third arbitrator, such arbitrator shall be appointed by CIETAC. 23.4 The arbitration proceedings shall be presided over by CIETAC as the presiding authority and shall be conducted in Chinese. The arbitration proceedings shall be held in Beijing. 23.5 The arbitration award made in accordance with the above arbitration procedures shall be final and binding upon the Parties, and shall be enforceable in accordance with its provisions. 23.6 The arbitration fees shall be borne by the losing Party. The Parties agree that if it is necessary for one Party to enforce the arbitral award through legal proceedings of any type, the Party subject to enforcement shall pay all reasonable fees and expenses as well as legal fees in connection with the enforcement of the arbitral award. 23.7 During the dispute resolution, the Parties shall continue to implement this Agreement in all other aspects except for the matter in dispute.

Appears in 2 contracts

Samples: Agreement on Additional Issuance of Equity to Purchase Relevant Oil and Gas Pipeline Assets (China Petroleum & Chemical Corp), Agreement on Additional Issuance of Equity and Cash Payment to Purchase Relevant Oil and Gas Pipeline Assets (China Petroleum & Chemical Corp)

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JURISDICTION AND ARBITRATION. 23.1 22.1 This Agreement is governed by, and shall be interpreted in accordance withaccordance, with the PRC laws and regulations. 23.2 22.2 The Parties shall use good faith to resolve any dispute, controversy or claim (collectively, the “Dispute”) arising from, or in connection with, with the interpretation or performance of this Agreement through amicable negotiation, during which the Parties may consult the regulatory authority. If a settlement cannot be reached through negotiation within sixty Days after one Party has brought the matter to the other Party, the Parties may refer such matter to arbitration. 23.3 22.3 The Dispute shall be submitted to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with its rules in force at the time of arbitration. The Dispute shall be decided by three arbitrators. Each party Party shall appoint one arbitrator, and the third arbitrator shall be appointed by the other two arbitrators, provided that if the other two arbitrators cannot decide on the choice of the third arbitrator, such arbitrator shall be appointed by CIETAC. 23.4 22.4 The arbitration proceedings shall be presided over by CIETAC as the presiding authority and shall be conducted in Chinese. The arbitration proceedings shall be held in Beijing. 23.5 22.5 The arbitration award made in accordance with the above arbitration procedures shall be final and binding upon the Parties, and shall be enforceable in accordance with its provisions. 23.6 22.6 The arbitration fees shall be borne by the losing Partyparty. The Parties agree that if it is necessary for one Party to enforce the arbitral award through legal proceedings of any type, the Party subject to enforcement shall pay all reasonable fees and expenses as well as legal fees in connection with the enforcement of the arbitral award. 23.7 22.7 During the dispute resolution, the Parties shall continue to implement this Agreement in all other aspects except for the matter in dispute.

Appears in 1 contract

Samples: Agreement on Cash Payment to Purchase 100% Equity in Sinopec Yu Ji Company (China Petroleum & Chemical Corp)

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JURISDICTION AND ARBITRATION. 23.1 22.1 This Agreement is governed by, and shall be interpreted in accordance with, the PRC laws and regulations. 23.2 22.2 The Parties shall use good faith to resolve any dispute, controversy or claim (collectively, the “Dispute”) arising from, or in connection with, with the interpretation or performance of this Agreement through amicable negotiation, during which the Parties may consult the regulatory authority. If a settlement cannot be reached through negotiation within sixty Days after one Party has brought the matter to the other Party, the Parties may refer such matter to arbitration. 23.3 22.3 The Dispute shall be submitted to China International Economic and Trade Arbitration Commission (“CIETAC”) for arbitration in accordance with its rules in force at the time of arbitration. The Dispute shall be decided by three arbitrators. Each party Party shall appoint one arbitrator, and the third arbitrator shall be appointed by the other two arbitrators, provided that if the other two arbitrators cannot decide on the choice of the third arbitrator, such arbitrator shall be appointed by CIETAC. 23.4 22.4 The arbitration proceedings shall be presided over by CIETAC as the presiding authority and shall be conducted in Chinese. The arbitration proceedings shall be held in Beijing. 23.5 22.5 The arbitration award made in accordance with the above arbitration procedures shall be final and binding upon the Parties, and shall be enforceable in accordance with its provisions. 23.6 22.6 The arbitration fees shall be borne by the losing Party. The Parties agree that if it is necessary for one Party party to enforce the arbitral award through legal proceedings of any type, the Party subject to enforcement shall pay all reasonable fees and expenses as well as legal fees in connection with the enforcement of the arbitral award. 23.7 22.7 During the dispute resolution, the Parties shall continue to implement this Agreement in all other aspects except for the matter in dispute.

Appears in 1 contract

Samples: Agreement on Cash Payment to Purchase Relevant Oil and Gas Pipeline Assets (China Petroleum & Chemical Corp)

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