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Settlement of international contract dispute; Inevitable circumstances if you have to draw up international contract by yourself, please refer to following points which will be helpful to add to your contract in order to make it possible to solve any disputes may happen through domestic arbitration committee. Please be advised for any assistance.
1. Any dispute arising out of or in connection with this contract shall be finally settled by arbitration in Seoul in accordance with the Arbitration Rules of the Korean Commercial Arbitration Board.
2. All disputes which may arise between the parties, in relation to this contract, shall be finally settled by arbitration in Seoul, Korea in accordance with the Arbitration Rules of the Korean Commercial Arbitration Board and under the Law of Korea. The arbitral tribunal consists of three arbitrators, each party shall appoint one arbitrator and the two arbitrators chosen by them shall appoint a third arbitrator, as a presiding arbitrator.
Any dispute, controversy or claim arising under, out of or relating to this contract (including non-contractual claims) and any subsequent amendments of this contract, including, without limitation, its formation, validity, binding effect, interpretation, performance, breach or termination, shall be referred to and finally resolved by arbitration under KCAB International Arbitration Rules, which Rules are deemed to be incorporated by reference into this clause.
The number of arbitrators shall be [one/three]
The seat, or legal place, of arbitration shall be [ city / country ]
The language to be used in the arbitral proceedings shall be [ language ]
We, the undersigned parties, hereby agree that the following dispute shall be referred to and finally determined by arbitration in accordance with the KCAB International Arbitration Rules. (All disputes which may arise between the parties, in relation to this contract, shall be finally settled by arbitration in Seoul, Korea in accordance with the Expedited Procedures in Arbitration Rules of the Korean Commercial Arbitration Board and under the Law of Korea.)
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