Common use of Suspension or Termination of Proceedings Clause in Contracts

Suspension or Termination of Proceedings. 1. The Parties may agree that the arbitral tribunal suspend its work at any time for a period not exceeding 12 months from the date of such agreement. Within this period, the tribunal shall resume its work if requested by either Party. If the work of the arbitral tribunal has been suspended for more than 12 months, the authority for establishment of the tribunal shall lapse, unless the Parties otherwise agree. 2. The Parties may agree to terminate the proceedings of the arbitral tribunal in the event that a mutually satisfactory solution to the dispute has been found. In such event the Parties shall jointly notify the Chair of the arbitral tribunal.

Suspension or Termination of Proceedings. 1. The Parties may agree that the arbitral tribunal suspend suspends its work at any time for a period not exceeding 12 months from the date of such an agreement. Within In the event of such suspension, all relevant timeframes set out in this period, Chapter shall be extended by the tribunal shall resume its amount of time that the work if requested by either Partywas suspended. If the work of the arbitral tribunal has been suspended for more than 12 months, the authority for establishment of the arbitral tribunal shall lapse, lapse unless the Parties otherwise agreeagree otherwise. 2. The Parties may agree to terminate the proceedings of an arbitral tribunal. In such an event, the arbitral tribunal in the event that a mutually satisfactory solution Parties to the dispute has been found. In such event the Parties shall jointly notify the Chair of the arbitral tribunal.