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ID number:388962
Author:
Evaluation:
Published: 18.10.2005.
Language: English
Level: College/University
Literature: n/a
References: Not used
Extract

10. SETTLEMENT OF DISPUTES AND ARBITRATION
Should any differences or disputes connected with the present contract arise between the SELLER and the BUYER, the parties will strive to reach friendly settlement of them. Should such friendly settlement appear impossible and the parties fail to reach an agreement within 15 days in the manner of arrangement the disputes will be submitted for the consideration of parity commission composed of 4 persons, 2 persons from each party. This parity Commission will be set up within 10 days from the date of a written request from one the parties hereto.
Should the parity commission fail to settle the dispute within 15 days from the date of its establishment, or one party failed to appoint its representatives to the parity commission within 10 days mentioned above, the dispute will be at written request of one of the parties submitted for the consideration of the Court _____ ____________, the decisions of which will be final, liable to no protest, appeal and irrevocably and will be obligatory for both parties.

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