ARBITRAGE CLAUSE
All of the disputes arising out of or in connection with this agreement shall be settled through negotiations. Should the negotiations fail, the disputes will be resolved by the Arbitration Institution at the Chamber of Commerce and Industry of RA under the rules of the latter. The number of arbitrators shall be three. The language of arbitral proceedings shall be Armenian. The seat of arbitration shall be Yerevan. The disputes shall be settled based upon the requirements of substantive laws of RA.
ARBITRATION AGREEMENT
___________ __________, 201_
This Arbitration Agreement is entered into by and between _____________ (place of
business։ _____________), represented by ______________, acting based upon
___________, on the one side and _____________ (place of business։ _____________),
represented by _____________, acting based upon ____________, on the other side.
- 1.The parties do hereby agree to submit any disputes arising out of __________ to the Arbitration Institution at the Chamber of Commerce and Industry of RA according to the rules of the latter. The number of arbitrators shall be three.
- 2.The language of arbitral proceedings shall be Armenian.
- 3.The seat of arbitration shall be Yerevan.
- 4.Disputes shall be settled based upon the requirements of substantive laws of RA.
- 5.The present Agreement shall apply to all of the disputes arising out of the contract stated in clause 1 above.
- 6.The present Agreement is made in two original copies in English language having both the same legal effect. Each party holds a copy.