(1) Arbitration Agreements

In any matter where a dispute has arisen regardless of the existence of a contract and there seems to be too little prospect of settlement discussions leading to an amicable settlement, the parties may well agree to arbitrate their dispute. The agreement which is formed as evidence of the parties' intention to arbitrate constitutes the arbitration agreement. It is recommended that the parties adapt the pre-existing form of TOMAC to their circumstances and draft an appropriate agreement on A4 size paper.

"ARBITRATION AGREEMENT (sample)

__________20______

It is hereby mutually agreed between___________________________*1 and ___________________________________*1 for the settlement of any and all disputes arising out of or in connection with _________________________________ *2 that :*3

1. The disputes shall be submitted to the Tokyo Maritime Arbitration Commission (TOMAC) of The Japan Shipping Exchange, Inc. for arbitration in Tokyo.*4
2. The arbitration proceedings and all other related matters shall be conducted in accordance with the Rules of Maritime Arbitration of The Japan Shipping Exchange, Inc. (the "TOMAC Rules").
3. The award given by arbitrators appointed in accordance with the TOMAC Rules shall be final and binding upon the parties.
4. Other arbitration agreements, if any, with regard to such disputes shall become null and void upon the making of this agreement.

5. _____________________________*5 _________________________________ *5
   ________________________________ _________________________________
   ________________________________ _________________________________ "

   Explanation of Arbitration Agreement

1. (Note 1.) Indicate the names of the parties.
2. (Note 2.) Write down sufficient information to allow determination of fundamental issues like the type of contract in dispute, and where the dispute took place.
3. (Note 3.) Indicate below the particulars of the agreement to arbitrate.
4. (Note 4.) International arbitration is only conducted in Tokyo.
5. (Note 5.) All parties should sign the agreement and indicate a specific address. In the case of a corporate party, a representative must sign and the name and address of the corporation should be indicated. It is customary to align the signatures horizontally one next to another, not vertically, one over another.

(2) Arbitration Clauses

With the exception of minor variations in the wording during years in which revisions were made or new versions were introduced, the clauses presented here have been included in the standard forms of the JSE. We recommend that parties use these clauses, in their own voluntarily designed contracts as well.

"Any and all disputes arising out of or in connection with this Agreement shall be submitted to arbitration held in Tokyo by the Tokyo Maritime Arbitration Commission of The Japan Shipping Exchange, Inc. ("TOMAC") in accordance with the Rules of TOMAC and any amendments thereto, and the award given by the arbitrators shall be final and binding on both parties."

Any and all disputes arising out of or in connection with this Agreement shall be submitted to arbitration held in Tokyo by the Tokyo Maritime Arbitration Commission of The Japan Shipping Exchange, Inc. ("TOMAC") in accordance with the Rules of TOMAC and any amendments thereto, and the award given by the arbitrators shall be final and binding on both parties.