Oil discussion ADCCAC : A standard arbitration clause has been drafted and adopted
A standard arbitration clause has been drafted and adopted, through discussions and mutual consent between the concerned parties, and inserted i the agreements referred to.
This standard “arbitration clause” reads as follows: The Parties shall use their best efforts to settle all disputes or claims arising out of or in relation to this Agreement or any breach thereof. Should any difference or dispute of any kind arise between the Parties in connection with or arising out of this Agreement which cannot amicably be resolved within three hundred and sixty (360) days, then such difference or dispute shall be settled finally by arbitration in Abu Dhabi under the Procedural Rules of the Abu Dhabi Commercial Conciliation and Arbitration Center ADCCAC. by three (3) arbitrators, one to be nominated by each party and the third to be agreed by the two nated and failing such agreement the third arbitrator to be appointed.