Venue-based clause (for use when incorporating an agreed choice of law and arbitration into a charter party or other agreement).
BIMCO Standard Dispute Resolution Clause 2016 - US Law, New York Arbitration
This Contract shall be governed by US maritime law or, if this Contract is not a maritime contract under US law, by the laws of the State of New York. Any dispute arising out of or in connection with this Contract shall be referred to three (3) persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen. The decision of the arbitrators or any two of them shall be final, and for the purposes of enforcing any award, judgment may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the SMA Rules current as of the date of this Contract.
In cases where neither the claim nor any counterclaim exceeds the sum of USD 100,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the SMA Rules for Shortened Arbitration Procedure current as of the date of this Contract.
Related clauses
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- BIMCO Standard Dispute Resolution Clause 2016
- BIMCO Standard Dispute Resolution Clause 2017 (Developed to re-introduce of the LMAA Intermediate Claims Procedure)