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ARBITRATION
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9. Arbitration
1. All disputes and differences which may arise out of or in connection with the present
Contract will be settled as far as possible by means of negotiations between the Parties.
If the Parties do not come to an agreement, the matter, without recourse to Courts of law,
is to be submitted for settlement, to Arbitration, with its seat in Stockholm, Sweden.
2. Arbitration shall be established as follows:The Party which wishes to refer the dispute
to Arbitration shall notify the other Party by a registered letter stating the name and
the address of the arbitrator chosen who can be a citizen of any country as well as the
subject of the dispute, date and Number of the Contract.Within 30 days of the receipt of
the above letter the other party shall choose its Party of it by a registered letter
stating the name and the address of the arbitrator chosen.
3. If the Party which has received the notification of the dispute being submitted to
Arbitration fails to choose its arbitrator within the said period, the latter, at the
other Party's request, will be appointed within 30 days of the date of the application by
the President of the Chamber of Commerce in Stockholm.
4. Within 30 days the arbitrators shall choose an Umpire, if the arbitrators fail to agree
upon the choice of the Umpire within 30 days after they have been nominated, at the
request of either Party by the President of the Chamber of Commerce in Stockholm, Sweden.
5. The award is to be issued by a majority of votes in accordance with the terms and
conditions of the present Contract, and also the rules of Swedish Material Law.
6. The arbitration award shall state the reasons for its decisions and contain information
about the arbitration membership, time and place of the award passed, mention of the
Parties' rights to state an opinion, as well as the allocation of the costs and expenses
of the Arbitration between the Parties.
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