Common use of Binding External Arbitration Clause in Contracts

Binding External Arbitration. In lieu of the option in Article 8.2, if after sixty (60) days of the initial notification but before eighty (80) days of such initial notification, such dispute is not resolved to the mutual satisfaction of the Parties in accordance with Article 8.2, such dispute (including the validity of this Agreement) shall be finally settled by arbitration in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law (the “UNCITRAL Rules”) as at present in force. Unless the parties agree differently, the following shall apply: (a) the number of arbitrators comprising the Tribunal shall be three (3); (b) the appointing authority according to article 6 in the UNCITRAL rules shall be [to be appointed by an agreement of the Parties]; (c) the Arbitration shall be conducted and an award shall be rendered in the English language; (d) the seat of arbitration shall be [Dar es Salaam] and (e) the venue for arbitration shall be [Dar es Salaam], unless Dar es Salaam becomes inaccessible due to a Force Majeure Event or any action of the Government of Tanzania makes it impossible to conduct arbitration in Dar es Salaam, in which case the venue for arbitration shall be [Port Louis, Mauritius]. The decision of the Tribunal shall be final and binding upon the Parties and shall not be subject to appeal.

Binding External Arbitration. In lieu of the option in Article 8.2, if after sixty (60) days of the initial notification but before eighty (80) days of such initial notification, such dispute is not resolved to the mutual satisfaction of the Parties in accordance with Article 8.2, such dispute (including the validity of this Agreement) shall be finally settled by arbitration in accordance with the Arbitration Rules of the United Nations Commission on International Trade Law (the “UNCITRAL Rules”) as at present in force. Unless the parties agree differently, the following shall apply: (a) the number of arbitrators comprising the Tribunal shall be three (3); (b) the appointing authority according to article 6 in the UNCITRAL rules shall be [to be appointed by an agreement of the Parties]; (c) the Arbitration shall be conducted and an any award shall be rendered in the English language; (d) the seat of arbitration shall be [Dar es Salaam] and (e) the venue for arbitration shall be [Dar es Salaam], unless Dar es Salaam becomes inaccessible due to a Force Majeure Event or any action of the Government of Tanzania makes it impossible to conduct arbitration in Dar es Salaam, Salaam in which case the venue for arbitration shall be [Port Louis, Mauritius]. The decision of the Tribunal shall be final and binding upon the Parties and shall not be subject to appeal.