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International Arbitration . It is the Parties’ intention that any arbitration pursuant to this Section 4.9 shall be an “international arbitration,” conducted under the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 10 June 1958) (the “ New York Convention ”). If at any time the United States or Japan ceases to be a signatory to the New York Convention, the Parties agree to execute an amendment to this Guaranty which shall ensure , to the fullest extent allowed by law , that the provisions and intent of the New York Convention applicable to this Guaranty are thereby incorporated into this Guaranty and become binding upon the Parties.

International Arbitration  a. If a Dispute has not been resolved by the Two Presidents in accordance with the procedures set forth in Article 3 above, the Parties may agree to submit the matter to an ad hoc arbitral tribunal under this Article , or if no agreement is possible , either Party may, upon written notice to the other Party to the Dispute (a “ Notice of Arbitration ”), submit the matter to an ad hoc arbitral tribunal under this Article.

International Arbitration .  The Rules were designed in the first instance for disputes between parties located in the United States ; however, the Rules also are suitable for disputes involving parties located in different countries . In the transnational context it may be advisable to specify in the pre - dispute clause or the submission agreement : · the place of arbitration ; · the language (s) in which the proceedings are to be conducted ; · the substantive law governing the merits of the dispute ; · the nationality of the arbitrator(s); and · the arbitration law which will govern. The parties also may consider certain modifications of the Rules when adopting them for transnational disputes. For instance, if the parties prefer that the functions assigned to CPR under Rule 6 and Rule 7.7 (b) be performed by another neutral organization or official , they may so provide. STANDARD CONTRACTUAL PROVISIONS The suggested standard pre-dispute clause and submission agreement which precede the Rules may be modified and may be supplemented. It is desirable that the parties specify the place of arbitration and the law governing the contract and the arbitration. If a governing law is specified it may be advisable to state whether or not the conflict of laws rules of that law are included . In light of the decision of the United States Supreme Court in Volt Information Sciences , Inc. v Board of Trustees of Leland Stanford Junior University , 109 S. Ct. 1248, _______ U.S . ________, No. 87-1318 ( March 6, 1989), our Committee has inserted language in the standard pre-dispute clause and submission agreement to the effect that the governing law for the arbitration shall be the United States Arbitration Act . The laws of various jurisdictions differ on the question of whether arbitrators are empowered to award punitive damages . If the parties wish to preclude the arbitrators from awarding punitive or trebled damages, it would be advisable to include a provision to that effect in the pre-dispute clause or the submission agreement. As stated above, CPR as a rule considers it highly desirable for disputants to attempt to resolve their dispute without adjudication . Attached to this commentary as Appendix A are suggested contract clauses calling for negotiations or mediation before a dispute is submitted to arbitration . The pre-dispute clause and the submission agreement call for an election as to whether the Tribunal will be composed of · three arbitrators , of whom each party appoints one, and the two arbitrators th...

International Arbitration . 25.3.1 If the disagreement or controversy is of a nature such that it cannot be resolved by the Consultant as stipulated in Clause 25.1, or if one or both of the Parties is not satisfied with the decision rendered by the Consultant, unless it has been agreed that the opinion of the Consultant be binding , PETROECUADOR and the Contractor agree to submit such a disagreement or controversy to the arbitration of the International Center for the Settlement of Investment Disputes ( ICSID ). The arbitration shall be carried out as stipulated in the Agreement on the Settlement of Differences Relative to Investments between States and Nationals of Other States , published in the Official Record No. 386 of March 3, 1986 provided that this Agreement are kept in effect for Ecuador .

International Arbitration .  CHAPTER I. On the System of Arbitration Article 15 International arbitration has for its object the settlement of differences between States by judges of their own choice , and on the basis of respect for law .

International Arbitration .  In the event one of the Parties is based outside the U.S ., all such disputes shall be submitted , in the English language , to the International Court of Arbitration of the International Chamber of Commerce under the Rules of Arbitration of the International Chamber of Commerce as may be amended from time to time . The Emergency Arbitrator Provisions shall not apply . The International Bar Association ’s Rules on the Taking of Evidence in International Commercial Arbitrations as may be amended from time to time shall be applied by the panel as guidelines but the panel shall have the right to limit , or exclude to a degree , allowable discovery in its discretion .

International Arbitration .  Introduction 483The 1958 Convention 487 Arbitral Proceedings , Model Law And The ArbitrationAct 2005: A Bird ’s Eye View 492Appointment Of Arbitrator 493Respondent’s Objection To Arbitration Proceedings 494Preliminary Conference 495Powers Of The Arbitrator 498Determination Of Rules Of Procedure 499Challenge And/Or Termination Of Arbitrator 500 Award 500Challenges In Arbitral Proceedings And Award 501

International Arbitration .  Additionally , by providing, that on failure of consultation and negotiation , the Contractor and the State should have recourse to international arbitration for the resolution of “any dispute arising out of or in connection with …”16 the Agreements , the Ghana - AGM and Ghana- COLA /MEDEA Agreements promises to enhance enforceability of stabilization clauses enshrined in them17. Similar provisions are contained in Article 24 respectively of the Ghana- Kosmos and Ghana- Tullow Agreements, which provides in relevant part that on failure of consultation and negotiation, all disputes ‘… in relation to or in connection with or arising out of the terms and conditions …’18 of petroleum contracts should have recourse to international arbitration for resolution.

International Arbitration . (a) In the event of any dispute or difference arising out of or in connection with this Agreement or the breach or termination thereof, the Members shall attempt to settle any dispute or difference between or among them amicably. To this end , the Members shall consult and negotiate to reach a solution. Should the Members fail to reach a solution through such negotiations within thirty (30) days after any Member shall have given notice to the other Member of a dispute, any dispute or difference arising out of or in connection with this Agreement, including any question regarding its existence , validity , implementation , interpretation or termination, shall be determined by arbitration administered by the International Centre for Dispute Resolution (the “ ICDR ”) in accordance with its International Arbitration Rules (the “Rules”), which Rules are deemed to be incorporated by reference into this clause . The number of arbitrators shall be one, appointed by mutual consent of the Members . In case the Members disagree in relation to said appointment for more than forty-five (45) days after the commencement of the arbitration , the sole arbitrator will be appointed by the ICDR in accordance with the Rules . Any arbitrator so appointed by the ICDR will be of a nationality different than that of any Member (the “Arbitrator”).

International Arbitration .  According to the Regulations agreed by the parties the arbitral tribunal settles, either under law or in equity , disputes related to international trade .