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The agreement between Chamber of Commerce and Industry of the Russian Federation and Chamber of Commerce and Industry of the Republic of Armenia on cooperation in the field of commercial arbitration

of September 24, 1999

Chamber of Commerce and Industry of the Russian Federation and Chamber of Commerce and Industry of the Republic of Armenia, hereinafter referred to as "Contracting parties",

wishing to promote development of trade and economic cooperation of business entities of two countries,

being convinced that wide use of opportunities of commercial arbitration will allow to create the effective tool of permission of the civil disputes between physical persons and legal entities of Russia and Armenia able to arise in the course of implementation of bilateral commercial and other commercial ties, including investment,

agreed as follows.

Article 1

Contracting parties agreed to recommend according to the Russian and Armenian physical persons and legal entities participating in implementation of commercial, commercial intercourses and investing activities between Russia and Armenia, to include the following arbitration clause in their contracts.

"All disputes or disagreements able to arise from this contract or in connection with it, are subject, with cognizance exception to general courts, permission in the arbitral way.

If defendant in such dispute or disagreement is the Russian physical person or legal entity, then arbitration proceeding will be performed in the International commercial Arbitration Court under Chamber of Commerce and Industry of the Russian Federation according to its Regulations.

If defendant in such dispute or disagreement is the Armenian physical person or legal entity, then arbitration proceeding will be performed in Arbitration Court under Chamber of Commerce and Industry of RA according to its Regulations.

The award of arbitration passed according to this arbitration clause will be final and binding upon both parties".

Article 2

Contracting parties will cooperate among themselves in promoting of the international commercial arbitration as universal remedy of the dispute resolution in the field of trade and economic cooperation, including by holding lectures, conferences, seminars and other actions.

Article 3

Contracting parties will inform each other on the legislation of the countries and area of commercial arbitration and on activities of the relevant arbitral centers.

Article 4

Contracting parties agreed to meet periodically for consideration of all questions connected with accomplishment of this agreement.

Questions of carrying out and the agenda of the specified meetings will be approved by consultations between Contracting parties.

Article 5

This agreement becomes effective from the date of its signing.

It can be terminated by means of the prior notice for twelve by month of one of Contracting parties.

In case of cancellation of this agreement it obligations assumed by Contracting parties before its termination will be executed according to provisions of this agreement.

It is made in Moscow on September 24, 1999 in two authentic copies in Russian.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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