Common use of Methods of Dispute Resolution Clause in Contracts

Methods of Dispute Resolution. In the event of any dispute arising with respect to the construction and performance of this Agreement, the Parties shall first attempt to resolve the dispute through friendly negotiations. In the event that the Parties fail to reach an agreement on the dispute within 30 days after either Party’s request to the other Parties for dispute resolution through negotiations, either Party may submit the relevant dispute to the China International Economic and Trade Arbitration Commission for arbitration, in accordance with its arbitration rules. The arbitrators may award remedies over the equity interest or land assets of Party C, including relief or order for the winding up of Party C. The arbitration shall be conducted in Beijing and in the Chinese language, and the arbitration award shall be final and binding to all Parties. Hong Kong courts, Cayman Islands courts, Bermuda courts and PRC courts are empowered to grant interim remedies in support of arbitration pending formation of an arbitral tribunal.