13.9 Settlement of Dispute
In the event of a dispute or disagreement between the Owner and the Operator concerning this Agreement (a “Dispute”) any such Dispute is subjected to arbitration, a senior officer of each party, each having full authority, subject to any necessary approvals, to settle the Dispute, shall meet in person and attempt in good faith to resolve the Dispute.
13.10 Arbitration
(a) In the event that any dispute is unable to be resolved between the parties pursuant to Clause 13.9 (Settlement of Dispute), then such dispute shall be settled exclusively and finally by arbitration. This Agreement and the right and the rights and obligations of the parties shall remain in full force and effect pending the award in such arbitral proceeding.
(b) Each arbitration shall be conducted in Bangkok, Thailand and in accordance with Thai law and the arbitration rules of the Arbitration institute of Ministry of Justice, Thailand.
(c) Each arbitral tribunal shall consist of three (3) arbitrators. Each party to the dispute shall appoint an arbitrator within sixty (60) days from the date of failure to reach an agreement. If the two arbitrators thus appointed fail to agree upon an award within thirty (30) days of the appointment of the second arbitrator, they shall select a third arbitrator by agreement within five (5) days of such failure to agree upon an award. If either party to the dispute fails to appoint an arbitrator, or if the two arbitrators cannot agree upon a third arbitrator within the said five (5) days, then the parties to the dispute, or either of them, shall apply to the Thai Court for the appointment which has nor been made as aforesaid. No arbitrator shall be a present or former employee or agent of, contractor or counsel to, either party or any affiliate of either party.
(d) The decision shall be by a majority vote of the arbitrators and shall be final, conclusive and binding upon the parties hereto. Each party shall bear the cost of its appointed arbitrator. The costs of the third arbitrator, if one is appointed, shall be borne by the parties as the arbitrators may determine.
(e) Any decision or award of the arbitral tribunal appointed pursuant to this Clause
13.10 shall be final and binding upon the parties.
Clause 14: Liabilities of the Parties
It is specifically understood and agreed that (a) there shall be absolutely no personal liability under this Agreement on the part of any of the partners, shareholders or affiliates of the Owner or the Operator for the payment of any amounts due hereunder, or the performance of any of the Owner’s or the Operator’s obligations, (b) each party shall look solely to the assets of the other party for the satisfaction of each and every right or remedy in the event of any breach by the other party, and (c) the Operator and the Owner each agrees that it shall neither seek or obtain, nor be entitled to seek or obtain, any deficiency or other judgment against any of the partners, shareholders or affiliates of the other party for any action or inaction under this Agreement on the part of any such partner, shareholder or affiliate or their respective officers, directors agents employees, controlling persons, representatives or affiliates.