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Article 7.5

Board of Arbitration

1.    The Board of Arbitration shall be composed of three members appointed as follows:

a)      the party that initiates the arbitration procedure shall send an instrument to the other party in which it:

-   declares its intention of initiating the arbitration procedure;

-    indicates the subject of the challenge;

-   designates its arbitrator;

-    invites the other party to designate its arbitrator;

b)      the party that receives the invitation referred to in subparagraph a) shall designate its arbitrator within 20 days of receiving the notice; in the event of its omitting to do so, the second paragraph of Article 810 of the Code of Civil Procedure shall apply;

c)      the third arbitrator, who shall act as Chairman of the Board of Arbitration, shall be appointed consensually by the arbitrators referred to in subparagraphs a) and b); where they fail to agree within 20 days, the third arbitrator shall be appointed by the Chairman of the Milan Court.

 

2.    The arbitration proceedings thus instituted shall be ritual and shall comply with the provisions of the Italian Code of Civil Procedure. The procedure must be initiated, on pain of debarment from action, within 30 days of the notification referred to in Article 7.4, paragraph 4. The dispute shall be settled in accordance with the provisions of Italian law and the language of the arbitration proceedings shall be the Italian language.

 

3.    The seat of the Board of Arbitration shall be in Milan in the place designated by its Chairman.



Last update:  May 24 2007 - 10:16


  


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