In the event of any dispute arising out of or in connection with the present contract, including any question regarding its existence, validity or termination, the parties shall first refer the same for arbitration to be finally resolved under the administration of International Arbitration and Mediation Centre (“IAMC”) in accordance with the Arbitration Rules of International Arbitration and Mediation Centre (“IAMC Rules”) for the time being in force. The seat of Arbitration shall be ___________________. The Tribunal shall consist of one or more arbitrators appointed in accordance with the said Rules. The language of the arbitration proceedings shall be English. The law governing the arbitration agreement shall be ____________. The law governing the contract shall be ____________.
The parties further agree that following the commencement of arbitration, they will attempt in good faith to resolve the Dispute through mediation at International Arbitration and Mediation Centre (“IAMC”), in accordance with the IAMC Arb-Med-Arb Protocol for the time being in force. Any settlement arrived in respect of some or all their disputes in the course of mediation shall be referred to the arbitral tribunal appointed by IAMC and may be recorded as an arbitration award (interim or final, as the case may be) on agreed terms.