Common use of ICC Arbitration Clause in Contracts

ICC Arbitration. In the event a Dispute between the Parties is not resolved pursuant to Section 12.3(ii), either Party may, at any time after the time periods set forth in Section 12.3(ii) above, submit such Dispute to be finally settled by arbitration administered in accordance with the procedural rules of the International Chamber of Commerce (“ICC”) in effect at the time of submission, as modified by this Section 12.3. The arbitration and any arbitral award will be enforced in accordance with the Arbitration Act 1996. The arbitration will be heard and determined by three (3) arbitrators who are retired judges or attorneys with at least ten (10) years of relevant experience practicing under law and in respect of matters concerning the pharmaceutical and biotechnology industry, each of whom will be impartial and independent (the “Tribunal”). Pursuant to Article 13 of the ICC Rules of Arbitration, each Party will appoint one (1) arbitrator and the third arbitrator will be selected by mutual agreement of the two arbitrators or in the absence of agreement by the International Court of Arbitration. Such arbitration (and its seat) will take place in London, England and the arbitration will be conducted in English. The Parties covenant and agree that they will participate in the arbitration in good faith. The Tribunal shall have the right within the ICC rules to make such award as to the costs and expenses of the arbitration, including attorneys’ fees and related fees and expenses, the Tribunal considers equitable. The Tribunal shall have the power to order the production of relevant documents by each Party. No other disclosure or discovery shall be permitted in the absence of extraordinary circumstances as determined by the Tribunal. It is the intent of the Parties that the arbitration proceeds in a manner that is efficient, expeditious and cost-effective.

ICC Arbitration. In the event a Dispute between the Parties is not resolved pursuant to Section 12.3(ii14.3(ii), either Party may, at any time after the time periods set forth in Section 12.3(ii14.3(ii) above, submit such Dispute to be finally settled by arbitration administered in accordance with the procedural rules of the International Chamber of Commerce (“ICC”) in effect at the time of submission, as modified by this Section 12.314.3. The arbitration and any arbitral award will be enforced in accordance with the Arbitration Act 1996. The arbitration will be heard and determined by three (3) arbitrators who are retired judges or attorneys with at least ten (10) years of relevant experience practicing under law and in respect of matters concerning the pharmaceutical and biotechnology industry, each of whom will be impartial and independent (the “Tribunal”). Pursuant to Article 13 of the ICC Rules of Arbitration, each Party will appoint one (1) arbitrator and the third arbitrator will be selected by mutual agreement of the two arbitrators or in the absence of agreement by the International Court of Arbitration. Such arbitration (and its seat) will take place in London, England and the arbitration will be conducted in English. The Parties covenant and agree that they will participate in the arbitration in good faith. The Tribunal shall have the right within the ICC rules to make such award as to the costs and expenses of the arbitration, including attorneys’ fees and related fees and expenses, the Tribunal considers equitable. The Tribunal shall have the power to order the production of relevant documents by each Party. No other disclosure or discovery shall be permitted in the absence of extraordinary circumstances as determined by the Tribunal. It is the intent of the Parties that the arbitration proceeds in a manner that is efficient, expeditious and cost-effective.