DISPUTE SETTLEMENT & APPOINTMENT OF ARBITRATOR. “All disputes or differences whatsoever arising between the parties out of or relating to the construction, meaning and operation or effect of the Tender and the resulting agreement or the breach thereof that cannot be settled by good faith and negotiations between the parties within 60 days of the commencement of negotiations shall be settled by referring the dispute at the Director, IIM Raipur, who may either himself decide the dispute as Arbitrator or appoint some other person as Arbitrator to adjudicate the same, who shall be unconnected with IIM Raipur. The proceedings will be governed by the provisions of the Arbitration & Conciliation Act 1996. By consent of parties the jurisdiction of all other courts are excluded and the courts at Raipur alone shall have jurisdiction. The language of the Arbitration shall be English. The venue of Arbitration proceedings shall be Raipur.”
