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(h)Arbitration(i)In the event of any dispute controversy or claim arising out of, relating to or in connection with this Agreement, including the breach termination or validity thereof, such dispute controversy or claim shall upon demand of either party, be submitted to final and binding arbitration to be conducted in accordance with the Arbitration Rules of the Netherlands Arbitration Institute (NAI), as then in effect, as modified herein or by mutual agreement of the parties (the “Rules”).(ii)Arbitration hereunder shall be the sole and exclusive forum for the resolution of such disputes, controversies or claims, but each party retains the right to seek judicial assistance (i) to compel arbitration, (ii) to obtain interim measures of protection pending arbitration, and (iii) to enforce any decision of the arbitrators, including the final award.(iii)At such time as arbitration is demanded, the parties shall endeavour to select a single arbitrator to conduct the arbitration, but if the parties cannot agree on the identity of a single arbitrator within thirty (30) days of receipt of the arbitration demand, each of DROOG and TAM shall appoint one (1) arbitrator and the party-appointed arbitrators shall appoint within thirty (30) days of their appointment a third arbitrator. If DROOG or TAM fails to nominate an arbitrator, or the two party-nominated arbitrators are unable to select a third arbitrator within such thirty (30) days, the arbitrator or arbitrators in question shall be appointed by the ICC in accordance with the Rules.(iv)It is the intention of the parties that the arbitrator or arbitrators shall forthwith determine the merits of the claim, controversy or dispute, and shall deliver its or their decision within ninety (90) days of the date of receipt of the arbitration demand specifying such remedy (including money damages) as shall fully implement the intent and purposes of this Agreement.(v)In addition to the authority conferred on the arbitrator or arbitrators by the Rules, the arbitrator or arbitrators shall have the authority to order such discovery and production of document, including the deposition of party witnesses, as it may deem just and equitable.(vi)The exclusive seat of the arbitration shall be in Amsterdam, The Netherlands, and it shall be conducted in the English language.
(vii)Either party may submit testimony or documentary evidence in its native language and shall, on the request of the other party, furnish a translation or interpretation in English of any such testimony or documentary evidence.(viii)The arbitral award shall be in writing and shall be final and binding on the parties and may include an award of costs, including reasonable attorney’s fees and disbursements.(ix)Judgement upon the award may be entered by any court having jurisdiction thereof or having jurisdiction over the parties or their assets.
(h)Arbitration(i)In the event of any dispute controversy or claim arising out of, relating to or in connection with this Agreement, including the breach termination or validity thereof, such dispute controversy or claim shall upon demand of either party, be submitted to final and binding arbitration to be conducted in accordance with the Arbitration Rules of the Netherlands Arbitration Institute (NAI), as then in effect, as modified herein or by mutual agreement of the parties (the “Rules”).(ii)Arbitration hereunder shall be the sole and exclusive forum for the resolution of such disputes, controversies or claims, but each party retains the right to seek judicial assistance (i) to compel arbitration, (ii) to obtain interim measures of protection pending arbitration, and (iii) to enforce any decision of the arbitrators, including the final award.(iii)At such time as arbitration is demanded, the parties shall endeavour to select a single arbitrator to conduct the arbitration, but if the parties cannot agree on the identity of a single arbitrator within thirty (30) days of receipt of the arbitration demand, each of DROOG and TAM shall appoint one (1) arbitrator and the party-appointed arbitrators shall appoint within thirty (30) days of their appointment a third arbitrator. If DROOG or TAM fails to nominate an arbitrator, or the two party-nominated arbitrators are unable to select a third arbitrator within such thirty (30) days, the arbitrator or arbitrators in question shall be appointed by the ICC in accordance with the Rules.(iv)It is the intention of the parties that the arbitrator or arbitrators shall forthwith determine the merits of the claim, controversy or dispute, and shall deliver its or their decision within ninety (90) days of the date of receipt of the arbitration demand specifying such remedy (including money damages) as shall fully implement the intent and purposes of this Agreement.(v)In addition to the authority conferred on the arbitrator or arbitrators by the Rules, the arbitrator or arbitrators shall have the authority to order such discovery and production of document, including the deposition of party witnesses, as it may deem just and equitable.(vi)The exclusive seat of the arbitration shall be in Amsterdam, The Netherlands, and it shall be conducted in the English language.
(vii)Either party may submit testimony or documentary evidence in its native language and shall, on the request of the other party, furnish a translation or interpretation in English of any such testimony or documentary evidence.(viii)The arbitral award shall be in writing and shall be final and binding on the parties and may include an award of costs, including reasonable attorney’s fees and disbursements.(ix)Judgement upon the award may be entered by any court having jurisdiction thereof or having jurisdiction over the parties or their assets.
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