In case the parties do not reach an agreement within such period of time, then the matter shall be finally settled by binding arbitration before a single neutral arbitrator in Singapore, under the auspices of the International Arbitration Association. The decision of the arbitrator shall be final and binding, and may be enforced in any court of competent jurisdiction. Each party to the arbitration shall bear its respective costs in the preparation and presentation of the dispute, and shall bear equally in the administrative costs of the arbitration. The prevailing party in any arbitration shall be entitled to compensation of attorney’s fees and costs, together with the costs and fees of other experts or other consultants used in the preparation and prosecution of the arbitration, and the arbitrator shall be so instructed.