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Securing the appointment of an arbitral tribunal - CONT. Cont...
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For domestic contracting parties who wish to have future disputes resolved by arbitration under NZDRC’s Arbitration Rules and fully administered services, the following model clause is recommended for inclusion in contracts:
Any dispute or difference arising out of or in connection with this contract, or the subject matter of this contract, including any question about its existence, validity, or termination, shall be referred to and finally resolved by arbitration in accordance with the Arbitration Rules of the New Zealand Dispute Resolution Centre.
For parties who have their places of business in different States who wish to have future disputes resolved by arbitration under NZIAC’s Arbitration Rules and fully administered services, the following model clause is recommended for inclusion in contracts:
Any dispute or difference arising out of or in connection with this contract, or the subject matter of this contract, including any question about its existence, validity, or termination, shall be referred to and finally resolved by arbitration in accordance with the Arbitration Rules of the New Zealand International Arbitration Centre.
Parties to an existing dispute that have not incorporated the NZDRC or NZIAC Model Clause into a prior agreement may agree to refer that dispute to Arbitration under the NZDRC or NZIAC Arbitration Rules by signing the Arbitration Agreement at Appendix 2 to those Rules.
The primary objective of modern commercial arbitration must be the fair, prompt, and cost-effective determination of any proceeding in a manner that is proportionate to the amounts in dispute and the complexity of the issues involved. Sensible contracting, by including an effective arbitration clause, is the first step to achieving those objectives.
DOUBLE EDITION
Professional support consultant at Herbert Smith Freehills
London
Herbert Smith Freehills is one of the world’s leading professional services businesses, bringing together the best people across 27 offices, to meet all your legal services needs globally.
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