Arbitration with Foreign Suppliers Sample Clauses
The "Arbitration with Foreign Suppliers" clause establishes that any disputes arising between the contracting parties and foreign suppliers will be resolved through arbitration rather than litigation in local courts. Typically, this clause specifies the arbitration venue, governing rules (such as those of the ICC or UNCITRAL), and the language in which proceedings will be conducted. By providing a neutral and internationally recognized method for dispute resolution, this clause helps ensure fairness, reduces potential bias, and offers a more efficient and enforceable process for resolving cross-border commercial disagreements.
Arbitration with Foreign Suppliers. 10.4.1 Arbitration with foreign suppliers shall be conducted in accordance with the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL); or with proceedings administered by the International Chamber of Commerce (ICC) and conducted under the ICC Rules of Arbitration; by one or more arbitrators appointed in accordance with said arbitration rules.
10.4.2 The place of arbitration shall be a location specified in the SCC; and the arbitration shall be conducted in the language for communications defined in Sub-Clause 1.4 [Law and Language].
Arbitration with Foreign Suppliers. 10.4.1 ArbitrationwithforeignsuppliersshallbeconductedinaccordancewiththearbitrationrulesoftheUnitedNa tionsCommissiononInternationalTradeLaw(UNCITRAL);orwithproceedingsadministeredbytheInternat ionalChamberofCommerce(ICC)andconductedundertheICCRulesofArbitration;byoneormorearbitrator sappointedinaccordancewithsaidarbitrationrules.
10.4.2 TheplaceofarbitrationshallbealocationspecifiedintheSCC;andthearbitrationshallbeconductedinthelan guageforcommunicationsdefinedinSub-Clause1.4[LawandLanguage].