10. Settlement of Disputes and Arbitration
Should any differences or disputes connected with the present Contract
arise between the Seller and the Buyer, the parties will strive to reach friendly
settlement of them. Should such friendly settlement appear impossible and the
parties fail to reach an agreement within 15 days in the manner of arrangement,
the disputes will be submitted for the consideration of parity commission
composed of 4 persons, 2 persons from each party. This parity commission will
be set up within 10 days from the date of a written request from one of the
parties hereto. Should the parity commission fail to settle the dispute within 15
days from the date of its establishment, or one party failed to appoint its
representatives to the parity commission within 10 days mentioned above, the
dispute will be at the written request of one of the parties submitted for the
consideration of the Arbitration Court of the ……………………… Trade
Chamber, ………………………… , the decisions of which will be final, liable
to no protest, appeal and irrevocability and will be obligatory for both parties.
Legal Addresses of the Parties
Seller
………………………………………………………………………………...
Buyer
………………………………………………………………………………...
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6. Choose the correct item consulting additional sources of information.
1. A contract defines … of the parties involved.
a) rights b) obligations c) rights and obligations
2. In case of … of the Contract the sufferer makes a claim on the party that
fails to meet the contract obligations.
a) breach b) fulfilment c) cancellation
3. The duration of a force majeure is, as a rule, …
a) several days b) 1 or 2 years c) 4 or 6 months
4. In the insurance business, the word “average” means …
a) contingency b) loss c) risk
5. The cases in which the equipment is packed are to be marked on …
a) one side b) two sides c) three sides
6. In case of consumer goods, packing serves …
a) to protect and advertise a product b) to protect c) to attract a
producer
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