3. Should the inability of the Sellers to fulfill their obligations partially or in full continue for more than 9 months, the Buyers after preliminary notification have the right to cancel the Contract wholly or partially without a responsibility to reimburse eventual losses (including expenses incurred) incurred to the Sellers.
3.03 arbitration p.126 ex.7
A)All disputes and differences, which may arise from the present Contract or in connection with the same, with the exception of recourse to Court of Law, are to be submitted for settlement to Arbitration at the Chamber of Commerce and Industry in the Russian Federation, Moscow, in compliance with the rules and procedures of the said court.
B) All disputes and differences, which cannot be settled amicably, are to be submitted for settlement to International Court at the Chamber of Commerce and Industry in Stockholm, Sweden in compliance with procedure and rules of the said Court. English law is to be used under the present Contract, the language of arbitration is to be English.
C) All disputes and differences which may arise from the present Contract or in connection with the same will be settled amicably. Should the parties do not come to the agreement, with the exception of recourse to the State and Commercial Court, the matters are to be submitted for settlement to arbitration with its seat in Stockholm, Sweden. Arbitration board (tribunal) should consist of two arbitrators and one umpire. The party which wishes to refer the dispute to Arbitration shall notify the other Party by registered letter stating the name and address of the arbitration chosen (who can be a citizen of any country) as well as the subject of the dispute, date and number of the Contract. The other Party within 30 days of receipt of the above letter shall choose the second arbitrator (who also can be a citizen of any country) and inform the former party of it by registered letter stating the name and the address of the arbitrator chosen. In case the party, which has received notification of the dispute being submitted to Arbitration, fails to choose its arbitrator within the specified period the Arbitrator at the other Party’s request will be appointed by the President of the Chamber of Commerce in Stockholm. The arbitrators shall choose an Umpire. If the arbitrators fail to agree upon the choice of an Umpire within 30 days, the latter will be appointed, at the request of either party, by the President of the Chamber of Commerce in Stockholm, Sweden. The arbitration award is to be issued by a majority of the votes within 3 months (period) after the Umpire has been nominated or appointed as well as the former is to be issued in compliance with the terms and conditions of the Contract and law, which is to be applied by force of Conflict Law of Sweden. The costs and expenses of the Arbitration are to be allocated by the Arbitration Tribunal. The arbitration award is final and binding upon both Parties. In all cases when the Buyers’ right to terminate the Contract in whole or partially is set forth in the present Contract, Arbitration application and/or award are not required.
1.02. Предмет контракта.
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