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ARBITRATION AGREEMENT
An arbitration agreement means an arbitration clause
stipulated by the parties in their contract or a written agreement
concluded by the parties to submit their dispute for arbitration.The
arbitration agreement may be reached prior to or after the occurrence
of disputes.
CIETAC takes cognizance of a case in accordance with
an arbitration agreement reached by the parties to refer their dispute
to CIETAC for arbitration and upon the written application by one
of the parties.
According to Article 16 of the Arbitration Law of
P.R.C.,a valid arbitration agreement must contain the following
3 elements:
I.The intention to submit the dispute for arbitration;
II.The matters for arbitration;
III.The arbitration institute.
MODEL ARBITRATION CLAUSE RECOMMENDED BY ClETAC:
"Any dispute arising from or in connection with this Contract
shall be submitted to China International Economic and Trade Arbitration
commission for arbitration which shall be conducted in accordance
with the commission's arbitration rules in effect at the time of
applying for arbitration.The arbitral award is final and binding
upon both parties."
In the above-mentioned arbitration clause,the parties
may also include the following matters:Venue of Arbitration;Language
of Arbitration;Applicable Law;Nationality of Arbitrators;Number
of Arbitrators;Application of Ordinary Procedure or Summary Procedure,etc.
Range of cases accepted by CIETAC-Shanghai:
I.Arbitration Clause agreed on by the parties to
submit the disputes to CIETAC or CIETACˇÁˇÁcommission for arbitration;
II.Arbitration Clause agreed on by the parties to
submit the disputes to China Council for the Promotion of International
Trade,Foreign Trade Arbitration Commission/Foreign Economic and
Trade Arbitration Commission(the former name of CIETAC)for arbitration;
III.Arbitration Clause agreed on by the parties to
submit the disputes to China Council for the Promotion of International
Trade(Arbitration Commission)/China Chamber of International Commerce(Arbitration
Commission)for arbitration.
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