Settlements of Disputes. 5.1 All disputes among the Parties arising from this Agreement shall be settled through friendly negotiation. In case no settlement can be reached through negotiation, any Party has the right to submit such disputes to China International Economic and Trade Arbitration Commission (CIETAC). And the arbitration decision shall be final and binding on both parties. The expenses for arbitration shall be borne by losing party unless otherwise stated by Arbitration Commission.
Appears in 2 contracts
Sources: Joint Venture Agreement (Admax Resources Inc.), Joint Venture Agreement (Admax Resources Inc.)
Settlements of Disputes. 5.1 All disputes among the Parties arising from this Agreement shall be settled through friendly negotiation. In case no settlement can be reached settled through negotiation, any Party has the right to submit such disputes to China International Economic and Trade Arbitration Commission (CIETAC). And the arbitration decision shall be final and binding on both parties. The expenses for arbitration shall be borne by losing party unless otherwise stated by Arbitration Commission.
Appears in 2 contracts
Sources: Joint Venture Agreement (GREATER CHINA MEDIA & ENTERTAINMENT CORP. (Formerly AGA Resources, Inc.)), Joint Venture Agreement (GREATER CHINA MEDIA & ENTERTAINMENT CORP. (Formerly AGA Resources, Inc.))