Disputes and Governing Law. Any dispute arising out of or in connection with this Agreement, including any disputes regarding the existence, validity or termination thereof, shall be settled by arbitration administrated by the Danish Institute of Arbitration in accordance with the rules of the arbitration procedure adopted by The Danish Institute of Arbitration and in force at the time when such proceedings are commenced. The arbitration tribunal shall be composed of three (3) arbitrators. Each Party shall appoint a single arbitrator and the Danish Institute of Arbitration shall appoint a third arbitrator who shall be chairman of the arbitration tribunal. The place of arbitration shall be Copenhagen, Denmark. The language to be used in the arbi- tral proceedings shall be English. This Agreement shall be governed by the sub- stantive law of Denmark.
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