Common use of GOVERNING LAW AND DISPUTE RESOLUTION Clause in Contracts

GOVERNING LAW AND DISPUTE RESOLUTION. 16.1. The Loan Agreement shall be governed by the laws of the Republic of Spain. 16.2. Any disputes between the Lender and the Borrower arising out of or in connection with the Loan Agreement shall be resolved by way of negotiations, taking into account the Procedure for Processing Consumer Complaints in force at the time and made available on the webpage of the Lender. The Borrower shall additionally have a right to address competent pre-trial bodies, e.g. the Consumer Disputes Board. A dispute which the parties fail to resolve within reasonable time through bona fide negotiations shall be settled in the competent district court of Spain as first instance.