Common use of Arbitration Tribunal Clause in Contracts

Arbitration Tribunal. The arbitration shall be administered by the Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with the HKIAC Administered Arbitration Rules in force when the Notice of Arbitration is submitted in accordance with such Rules (the “Rules”). There shall be three (3) arbitrators, to be appointed in accordance with the Rules. The seat of arbitration shall be Hong Kong. The arbitration proceedings shall be conducted in English. The arbitrators shall decide any Dispute submitted by the Parties strictly in accordance with the substantive law of Hong Kong. Each Party hereto irrevocably waives, to the fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying of venue of any such arbitration. Any award of the arbitration tribunal shall be final and binding upon the Parties, and the prevailing Party may apply to a court of competent jurisdiction for enforcement of such award.‌