Common use of ICC Arbitration Clause in Contracts

ICC Arbitration. All disputes arising in connection with this DAF Purchase Agreement will be finally settled under the Rules of Conciliation and Arbitration of the International Chamber of Commerce (the “ICC Rules”) by three arbitrators appointed in accordance with the ICC Rules. The place of arbitration will be New York, New York, U.S.A. The arbitrators will determine the matters in dispute in accordance with New York law. The arbitration will be conducted in English. The award of the arbitrators (i) will be the exclusive remedy between the parties regarding any claims, counterclaims, issues or accounting presented or pled to the arbitrators; and (ii) will be made, and will be promptly payable, in dollars, free of any tax, deduction or offset. Punitive, consequential or incidental damages will not be awarded. The award will include interest from the date of any damages incurred for breach of the contract, and from the date of the award until paid in full, at a rate to be fixed by the arbitrators, but in no event less than the LIBOR Rate. Notices in connection with the arbitration will be governed by Section 11.9. To the extent a party to this DAF Purchase Agreement is a Government Entity or is owned in whole or in part by a Government Entity, it hereby irrevocably waives any claim to immunity, whether now existing or hereafter acquired, in regard to any proceedings in connection with an arbitration or arbitral award pursuant to this DAF Purchase Agreement, including immunity from service of process, immunity from pre- or post-judgment attachment, immunity from jurisdiction of any court, and immunity of any of its property from execution.