Common use of MANDATORY ARBITRATION CLAUSE Clause in Contracts

MANDATORY ARBITRATION CLAUSE. Any dispute, controversy, or claim arising out of, relating to, or in connection with this Agreement shall be finally settled by arbitration. The arbitration shall be conducted by a panel of three arbitrators, in accordance with International Chamber of Commerce Rules of Arbitration in effect at the time of the arbitration, except as they may be modified herein or by mutual agreement of the parties. The seat of the arbitration shall be London, United Kingdom, and it shall be conducted in the English language. THE ARBITRATION AWARD SHALL BE FINAL AND BINDING ON THE PARTIES. The parties undertake to carry out any award without delay and waive their right to any form of recourse based on grounds other than those contained in the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958 insofar as such waiver can validly be made. Judgement upon the award may be entered by any court having jurisdiction thereof or having jurisdiction over the relevant party or its assets.