Sample Share Purchase And Share Holder Agreement Page 77
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77(b)
Arbitration
Any Dispute which is not settled in accordance with Paragraph (a) of this Schedule III
shall be submitted to arbitration in accordance with the provision of the Arbitration Act.
The Disputes shall be referred to a sole arbitrator if the Government and the Strategic
Partner agree upon a sole arbitrator. In the event a sole arbitrator cannot be agreed upon
within 30 (thirty) days of the Dispute having been submitted to arbitration, the arbitral
tribunal shall comprise of three arbitrators, one to be appointed by each of Government
and the Strategic Partner and the third to be jointly appointed by the two arbitrators
appointed by the Parties.
The venue of arbitration shall be ____, India. The language to be used in the arbitration
shall be the English language, and any award shall be made in the English language.
In connection with the arbitration proceedings, the Parties to the Dispute hereby agree to
cooperate in good faith with each other and with the arbitral tribunal and to use their
respective best efforts to respond promptly to any reasonable discovery or demand made
by the other Party(ies) and/or the arbitral tribunal.
Each of the Parties expressly understands and agrees that the arbitral award shall be the
sole, exclusive, final and binding remedy between them regarding the Dispute(s)
presented to the arbitral tribunal. The Parties hereto agree that the arbitral award may be
enforced against the Parties or their assets wherever they may be found and that a
judgement upon the arbitral award may be entered in any court having jurisdiction.
(c)
Continuing obligations
Neither the existence of any Dispute nor the fact that any arbitration is pending hereunder
shall relieve any of the Parties of their respective obligations under this Agreement.
The pendency of a Dispute in any arbitration proceeding shall not affect the performance
of the obligations of the Parties under this Agreement.
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