Common use of Dispute Resolution Clause Clause in Contracts

Dispute Resolution Clause. 15.1 The Contract shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with the Contract shall be referred to arbitration in Singapore. The arbitration shall be conducted in accordance with the Singapore Arbitration Rules of Singapore International Arbitration Centre in force on the date on which the Notice of Arbitration is submitted in accordance with these Rules. The language of the arbitration shall be English. In cases in which the aggregate amount in dispute is less than USD 250,000, the Expedited Procedure of the Singapore Rules shall apply, and the case shall be referred to a sole arbitrator. In cases in which the aggregate amount in dispute is more than USD 250,000 but less than USD 1,000,000, the Expedited Procedure of the Singapore Rules shall apply, and the case shall be referred to three arbitrators. The General Maritime Law of the United States shall always apply with respect to the existence of a maritime lien, regardless of the country in which the Sellers take legal action. The Sellers shall be entitled to assert their rights of lien or attachment or other rights, whether in law, in equity or otherwise, in any jurisdiction where the Vessel may be found. 15.2 The Parties may agree at any time to refer to mediation any difference and/or dispute arising out of or in connection with the Contract. In the case of any dispute in respect of which arbitration has been commenced under Sub-clauses 15(a), (c) or (d) (Dispute Resolution Clause), the following shall apply: 15.2.1 Either Party may at any time and from time to time elect to refer the dispute or part of the dispute to mediation by service on the other Party of a written notice (the “Mediation Notice”) calling on the other Party to agree to mediation. 15.2.2 The other Party shall thereupon within fourteen (14) Days of receipt of the Mediation Notice confirm that they agree to mediation, in which case the Parties shall thereafter agree on a mediator within a further fourteen (14) Days, failing which on the application of either Party a mediator will be appointed promptly by the Arbitration Tribunal (“the Tribunal”) or such person as the Tribunal may designate for that purpose. The mediation shall be conducted in such place and in accordance with such procedure and on such terms as the Parties may agree or, in the event of disagreement, as may be set by the mediator. 15.2.3 If the other Party does not agree to mediation, that fact may be brought to the attention of the Tribunal and may be taken into account by the Tribunal when allocating the costs of the arbitration as between the Parties. 15.2.4 The mediation shall not affect the rights of either Party to seek such relief or take such steps as it considers necessary to protect its interests. 15.2.5 Either Party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall continue during the conduct of the mediation but the Tribunal may take the mediation timetable into account when setting the timetable for steps in the arbitration. 15.2.6 Unless otherwise agreed or specified in the mediation terms, each Party shall bear its own costs incurred in the mediation and the Parties shall share equally the mediator’s costs and expenses. 15.2.7 The mediation process shall be without prejudice and confidential and no information or documents disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under the law and procedure governing the arbitration. 15.3 For the sole benefit of the Sellers, it is further agreed that the Sellers, without prejudice to any rights hereunder or any claim raised pursuant to Sub-clause 15(a) (Dispute Resolution Clause) above, have the right to proceed against the Buyers, any third party or the Vessel in such jurisdiction as the Sellers at their sole discretion sees fit inter alia for the purpose of securing payment of any amount due to the Sellers from the Buyers or the Owners. In such circumstances the proceedings shall be governed by the substantive and procedural law of such jurisdiction.