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ARTICLE 23
ARBITRATION
23.
1
23.2
All disputes arising in connection with this Contract or the validity, interpretation, performance or breach. thereof, shall, if possible, be settled through friendly negotiations. If an amicable settlement cannot be achieved through such negotiations, or the dispute requires an urgent settlement, the dispute may be submitted to arbitration upon the request of either Party.
The arbitration shall take place in Stockholm, Sweden in accordance with the rules and regulations of the Stockholm Chamber of Commerce then in force. Any arbitration award shall be deemed to be final and binding upon the Parties and neither Party shall seek recourse to a law court or other authorities to appeal or request revision of the award.
23.3 Each Party shall appoint an arbitrator and the two (2)
arbitrators thus appointed shall jointly nominate a presiding arbitrator to form an Arbitration Committee to conduct the arbitration. If either Party shall fail to appoint its arbitrator within sixty (60) days of the submission of the dispute to arbitration or if the two arbitrators appointed by the Parties fail to nominate the presiding arbitrator within thirty (30) days of their appointment, then the Stockholm Chamber of Commerce shall appoint such Party's arbitrator or the presiding arbitrator, as the case may require.
23.4
The arbitration proceedings shall be conducted in the English language but with simultaneous translation into Chinese and evidence may be given in any language provided there is translation thereof. The arbitration expenses (including either Party's attorneys fees) shall be borne by the losing Party.
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