Common use of Arbitration Clause in Contracts

Arbitration. 18.2.1 Subject to Clause 18.3 (Option to Litigate) any dispute, controversy or claim arising out of or relating to the Loan Agreement, including, but not limited to, any question regarding its existence, validity, interpretation, enforcement, breach or termination (a "Dispute"), shall be exclusively and finally resolved by arbitration under the Arbitration Rules of the London Court of International Arbitration (the "Rules"), which rules are deemed to be incorporated by reference into this Clause. 18.2.2 The tribunal shall consist of three (3) arbitrators, one of whom shall be selected by the Borrower and the other selected by the Lender, and such selected arbitrators shall agree and appoint the third arbitrator (who shall act as chairman, unless they otherwise agree) and who shall, in the absence of agreement, be appointed by the London Court of International Arbitration. The place of arbitration shall be London. The language of the arbitration shall be English. The tribunal shall give a written record of the award and reasons therefore.