parties hereto under this Agreement or any clause thereof or matter or thing herein contained or as to the rights and liabilities of the parties hereto shall be referred to arbitration in accordance with the provisions of Arbitration and Conciliation Act, 1996, or any statutory modifications or reenactment for the time being in force. The reference shall be to a single arbitrator if the parties agree upon one, otherwise the reference shall be to three arbitrators, the Owner appointing one arbitrator, the Operator appointing the second arbitrator and both such appointed arbitrators appointing the third presiding arbitrator. The arbitrators shall have summary powers and powers to issue interim and ad interim awards and directions. The existence of any dispute difference or claim shall not relieve either party of its respective obligations under this Agreement. Further, the Agreement shall remain in full force and effect pending the award in such arbitration proceeding and till such time as award is upheld determining whether and when termination shall become effective by a final court of appeal. The venue for the arbitration shall be New Delhi, India and all legal proceedings shall be conducted in English. The award shall be final and binding on Owner and Operator.”
