Part 15 – Disputes, Mediation and Arbitration, and Governing Law
A. Both parties base their relations with regard to this Contract on the principles of good will and good faith. In the event of a dispute arising out of or relating to this contract, including any question regarding its existence, validity or termination, the parties shall first seek settlement of that dispute by mediation in accordance with the LCIA (London Court of International Arbitration) Mediation Procedure, which Procedure is deemed to be incorporated by reference into this clause.
B. If the dispute is not settled by mediation within 90 days of the commencement of the mediation, or such further period as the parties shall agree in writing, the dispute shall be referred to and finally resolved by arbitration under the LCIA Rules, which Rules are deemed to be incorporated by reference into this clause. The number of arbitrators shall be one. The place of arbitration shall be in Dubai, United Arab Emirates, or other mutually agreed location. The language to be used in the proceedings shall be English. Governing laws are to be of The United Kingdom (UK).