ARBITRATION AGREEMENT
Claimant: ______
Address: ______
Defendant: ______
Address: ______
Place of Arbitration: ______
1. Arbitration Item
The parties agree to refer to ______ for settlement of all disputes arising between the parties hereto in connection with ______ between the two parties on the date ______ at ______, including the eventual liability of each party and the amount of damages to be paid.
In order to secure the damages claimed, the parties agree that cash deposit or guarantee shall be provided by ______ to ______ before ______.
2. Composition of the Arbitration Tribunal
The parties agree that the tribunal comprises three arbitrators, and a presiding arbitrator shall be appointed.
Each party shall select or authorize the chairmen of the arbitration commission to appoint one arbitrator. The third arbitrator shall be selected jointly by the parties or be nominated by the chairman of the arbitration commission in accordance with a joint mandate given by the parties. The third arbitrator shall be the presiding arbitrator.
3. Avoidance
The parties agree that in any of the following circumstances, an arbitrator must withdraw from the arbitration, and the parties shall have the right to apply for his withdrawal if he:
(1) is a party or a close relative of a party or of a party’s representative;
(2) is related in the case;
(3) has some other relationship with a party to the case or with a party’s agent which could possibly affect the impartiality of the arbitration;
(4) meets a party or his agent in private, accepts an invitation for dinner by a party or his representative or accepts gifts presented by any.
4. Applicable Law
The law question about this agreement, by the consent of two parties, accordingly that law has to be determined by the arbitrators in accordance with Article 13(3) of the ICC rules. Under that article, the arbitrators will apply the law designated as the proper law by the rule of conflicts which they deem appropriate.
Date:
Signed on Behalf of ______ (by) ______ (Name)
Signed on Behalf of ______ (by) ______ (Name)