“22.8 Arbitration : The Parties shall make endeavours to settle by mutual conciliation any claim, dispute, or controversy (“ Dispute ”) arising out of, or in relation to, this Agreement, including any Dispute with respect to the existence or validity hereof, the interpretation hereof, the activities performed hereunder, or the breach hereof. Any Dispute which cannot be resolved through such conciliation within fifteen (15) days or such extended period as Phadia and the Distributor may agree, shall be finally settled by a mutually agreed sole arbitrator in accordance with provisions of the (Indian) Arbitration and Conciliation Act, 1996 and any statutory modification or re-enactment thereof. The venue for Arbitration proceedings shall be at New Delhi. If the Parties cannot agree on a single arbitrator, then each Party shall appoint their own arbitrator and the two arbitrators so appointed will appoint a third arbitrator. The venue for arbitration proceedings shall be at New Delhi. The decision of arbitrator shall be final and binding on the Parties.”
