Common use of Arbitration Committee Clause in Contracts

Arbitration Committee. As an exception to Article II.18, if any dispute between the Commission and the beneficiary relating to the Agreement cannot be settled amicably, it must be referred to an arbitration committee in accordance with the procedure specified below. When a party intends to resort to arbitration, it must send a formal notification to the other party informing it of its intention and of its appointed arbitrator. The second party must appoint its arbitrator within one month of receipt of that formal notification. The two arbitrators must appoint, by joint agreement and within three months of the appointment of the second party’s arbitrator, a third arbitrator who is the chair of the arbitration committee, unless both parties agreed to have a sole arbitrator. Within one month of the appointment of the third arbitrator, the parties must agree on the terms of reference of the arbitration committee, including the procedure to be followed. The arbitration proceedings must take place in Brussels. The arbitration committee must apply the terms of the Agreement. The arbitration committee must set out in its arbitral award detailed grounds for its decision. The arbitral award is final and binding upon the parties, which hereby expressly agree to renounce any form of appeal or revision. The costs, including all reasonable fees incurred by the parties related to any arbitration, must be apportioned between the parties by the arbitration committee.]]