between the Parties through friendly consultations and negotiations. For the above, the Parties undertake to hold such consultation and negotiation in good faith, and shall ensure that the same is attended by persons with decision making authority regarding the dispute. If no settlement can be reached through friendly consultations and negotiations within 30 (Thirty) days of one Party delivering a notice of the dispute to the other Party, then such dispute will be finally settled by arbitration in accordance with the provisions of this Clause 30. 30.2 The arbitration proceedings will be conducted in accordance with the provisions of the Arbitration and Conciliation Act, 1996 as amended from time to time (“Arbitration Act”). The proceedings shall commence upon issuance of an arbitration notice (“Arbitration Notice”) after following the procedure set out in clause 30.1 above. 30.3 The arbitration will be conducted in accordance with the provisions of the Arbitration and Conciliation Act, 1996 as amended from time to time (“Arbitration Act”). The arbitration shall be conducted by a single arbitrator (“Sole Arbitrator”), selected by the Dealer from a panel of three (3) persons not lower than the rank of retired district court judge, nominated by the Managing Director of the Company for the purpose of such selection, and should the Dealer fail to select the Sole Arbitrator within 15 (Fifteen) days of the panel of names of such nominees being furnished by the Managing Director of the Company for the purpose, the Sole Arbitrator shall be selected by the Managing Director of the Company out of the said panel
