Dispute resolution clause (CEDRAC)

DISPUTE RESOLUTION CLAUSE
Any dispute arising out of or in connection with this contract, including any question
regarding its existence, validity or termination, shall be referred to and finally resolved by
arbitration under the CEDRAC Arbitration Rules, which are deemed to be incorporated by
reference into this clause.

1. The number of arbitrators shall be one.
.2. In case of disagreement between the Parties on the proposed Arbitrator, the
Arbitrator will be appointed in accordance with the provisions of CEDRAC Rules which are
incorporated by reference into this clause.
3. The seat, or legal place, of arbitration shall be Nicosia, Cyprus
4. The language to be used in the arbitral proceedings shall be English.
5. The governing law of the contract shall be the substantive law of England and Wales.
6. Any award issued by way the arbitration tribunal shall be made in writing and shall
be final and binding on the Parties. The Parties undertake to carry out the award without
delay and furthermore the Parties agree to the applicable rules of CEDRAC
Tribunal concerning any award issued by the Tribunal.
7. Any confidentiality rules according to CEDRAC Rules, applicable to the award by the
arbitration tribunal shall be strictly followed.