Common use of Arbitration agreements Clause in Contracts

Arbitration agreements. The agreement to arbitrate before the occurrence of an insured event shall not affect insurance cover as long as the court of arbitration fulfils the following minimum requirements: 1. The court of arbitration shall consist of a minimum of three arbitrators. The chairperson must be a legal professional and should be eligible for judgeship. If the parties have their head offices in different countries, he may not be a citizen of either such country. 2. The court of arbitration shall decide on the basis of substantive law, not merely using equitable discretion (except in the event of a settlement, as long as the insurer was allowed to be involved in the proceedings). The substantive law to be applied must be specified when concluding the arbitration agreement. 3. The arbitration ruling shall be recorded and substantiated in writing. In its reasoning the legal norms supporting the decision must be given. The insured person under Clause 1.01.2 must inform the insurer immediately upon the commencement of arbitration proceedings and must allow the insurer to participate in the arbitration proceedings to an equivalent extent to participation in ordinary legal proceedings. When choosing the arbitrator, who must be nominated by the insured person under Clause 1.01.2, the insurer must be allowed to participate in the decision.

Arbitration agreements. The agreement to arbitrate before the occurrence of an insured event shall not affect insurance cover as long as the court of arbitration fulfils the following minimum requirementsrequirements : 1. The court of arbitration shall consist of a minimum of three arbitrators. The chairperson must be a legal professional and should be eligible for judgeship. If the parties have their head offices in different countries, he may not be a citizen of either such country. 2. The court of arbitration shall decide on the basis of substantive law, not merely using equitable discretion (except in the event of a settlement, as long as the insurer was allowed to be involved in the proceedings). The substantive law to be applied must be specified when concluding the arbitration agreement. 3. The arbitration ruling shall be recorded and substantiated in writing. In its reasoning the legal norms supporting the decision must be given. The insured person under Clause 1.01.2 must inform the insurer immediately upon the commencement of arbitration proceedings and must allow the insurer to participate in the arbitration proceedings to an equivalent extent to participation in ordinary legal proceedings. When choosing the arbitrator, who must be nominated by the insured person under Clause 1.01.2, the insurer must be allowed to participate in the decision.