Common use of De Jure Arbitration Clause in Contracts

De Jure Arbitration. Non-Technical Disputes shall be settled via a de jure arbitration, in accordance with Section 57, Subsections 1 and 2 of Legislative Order No. 1071. In this proceeding, the arbitrators shall analyze and settle the matter in accordance with the applicable Peruvian laws, including Legislative Order No. 1362 and its Regulations, approved by Executive Order No. 240-2018-EF. i. The Parties shall try to resolve the disputes through direct negotiations, within a term of six (6) months established in Clause 14.6, which may be extended by mutual agreement of the Parties in the established terms. In the event that the Parties are unable to reach an agreement during the direct negotiation term referred to in the preceding paragraph, the disputes that may have arisen shall be settled by a de jure arbitration, to be overseen by the Arbitration Center of the Lima Chamber of Commerce. ii. The arbitration shall take place in the city of Lima, Peru, and shall be conducted in Spanish. The Regulations of said institution shall apply in all matters not provided for in this Contract.