The arbitration clause which is recommended to be included in the contracts signed by the parties, so that CCCI arbitration can be resorted to, is:

"All differences of any nature that may arise in relation to this contract between the contracting parties, shall be referred to arbitration by a single Arbitrator in accordance with the provisions of the Arbitration Law of Cyprus, Cap 4. The Arbitrator will be proposed by the Arbitration Service of the Cyprus Chamber of Commerce and Industry and must be approved by the contracting parties.

In case of disagreement between the contracting parties on the proposed Arbitrator, the Arbitrator will be appointed in accordance with the provisions of the Arbitration Law of Cyprus, Cap 4."