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Model Clause: International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry

  • Parties of the foreign trade contract wishing their disputes to be referred to the International Commercial Arbitration Court at the Ukrainian Chamber of Commerce & Industry are recommended to include the following arbitration clause into their contract:

    "Any dispute arising out of the present contract or in connection with it is to be referred for consideration and final settlement to the International Commercial arbitration Court at the Ukrainian Chamber of Commerce and Industry. The parties agree that as to the consideration and settlement of the dispute the Rules of the International Commercial arbitration Court at the Ukrainian Chamber of Commerce and Industry shall apply."

    The parties are also reminded that they can avoid difficulties and extra expenses if they correctly specify substantive law which shall regulate their contract. The parties can also, at their wish, specify the number of the arbitrators, place and language of proceedings.

    The following clauses can be used:

    "The present agreement shall be regulated by the substantive law of _______________________". /name of the country/

    "The Arbitration Court shall be composed of ____________________________" /a sole or three arbitrators/

    "Place of the Arbitration Court meeting shall be _______________________" /name of the city/

    "Language of the Arbitration Court proceedings shall be _________________" /Ukrainian, Russian or other/