Common use of Conciliation and Arbitration Clause in Contracts

Conciliation and Arbitration. 14.01 The Parties shall try to amicably settle any dispute arising out of this Agreement. In the event an amicable settlement is not reached, the dispute shall be finally settled under the Rules of Conciliation and Arbitration of International Chamber of Commerce, by three arbitrators appointed in accordance with said Rules. The Arbitral Tribunal shall sit in London (UK) and the proceeding shall be conducted in the English language. 14.02 The Arbitrators shall render their decision in accordance with the substantive laws of United Kingdom. The award shall be final and legally binding on the Parties and shall be subject to enforcement in any courts having jurisdiction over the Parties The Parties agree to exclude the right of appeal to any court which would otherwise have jurisdiction in connection with any question of law arising in the course of the arbitration or out of the award. The arbitration shall be the sole recourse of the Parties, to the exclusion of the courts of law. Remedies indicated by the Arbitration may, under appropriate circumstances, include injunctive relief as well as monetary awards.