Common use of Methods of Resolution of Disputes Clause in Contracts

Methods of Resolution of Disputes. In the event of any dispute with respect to the construction and performance of this Agreement, the Parties shall first resolve the dispute through friendly negotiations. In the event the Parties fail to reach an agreement on the dispute within 30 days after either Party’s request to the other Party for resolution of the dispute through negotiations, either Party may submit the relevant dispute to Hong Kong International Arbitration Center (“HKIAC”) for arbitration, in accordance with UNCITRAL Arbitration Rule. The language used in such arbitration shall be English, and the place of arbitration shall be in Hong Kong at HKIAC. The decision by the Board of Arbitration shall be final and binding on the parties.