all disputes arising out of or in connection with this agreement, which have not been solved by mutual conference between the parties, shall be settled by the following arbitration:
1. If initiated by KAMAYA or Kyoko, in bangkok, Thailand, under the arbitration rules of the Thai Chamber of Commerce; or
2.If initiated be SPI, in tokyo Japan, under the arbitration rules of the Japan Commerce Arbitration Association.
The award of the arbitration shall be final and binding upon each of the parties involved.