5. ARBITRATION
(1). The parties will make their best effort to settle amicably any dispute or claim
arising in connection with the contract. Any dispute which cannot be resolved
amicably shall be finally settled by arbitration in accordance with the Rules of the
Arbitration Institute of the Stockholm Chamber of Commerce by three arbitrators,
the chairman of the arbitration panel shall not be the same nationality than that
of the parties.
(2). The proceedings must be conducted in English and all arbitrators shall be
conversant in and have a thorough command of the English language. Daily
transcript will be provided in English of all proceedings.
(3). The place of arbitration shall be determined by the arbitration panel.
(4). The arbitration award shall be final and binding of both parties.
(5). The arbitration fee shall be borne by the losing party or in conformity with the
stipulations of the award.
(6). During the courses of arbitration, the Contract shall be continuously
executed except the part which is under arbitration.
(7). The arbitration award can be applied against the losing party wherever it or
its assets are located. The losing party waives its sovereign immunity for this
purpose.
The Seller: SAGEM SA
The Buyer: NINGBO BIRD CO., LTD.
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