AWARD AND TERMINATION OF PROCEEDINGS
(1) The
arbitral tribunal shall decide the dispute in accordance with such rules of law
as are chosen by the parties as applicable to the substance of the dispute. Any
designation of the law or legal system of a given state shall be construed,
unless otherwise expressed, as directly referring to the substantive law of
that State and not to its conflict of laws rules.
(2) Failing
any designation by the parties under paragraph 1 of this article, the arbitral
tribunal shall apply the law that it considers to be most closely connected
with the dispute.
(3) The
arbitral tribunal shall decide ex aequo et bono or en qualité d’amiable
compositeur only if the parties have expressly authorized it to do so.
(4) In all
cases, the arbitral tribunal shall decide in accordance with the terms of the
contract and shall take into account the applicable usages.
Decision making by panel of
arbitrators Article 28
(1) Unless
otherwise agreed by the parties, the arbitral tribunal shall make any decision
by a majority of all its members.
(2) If a
majority has not been achieved, arbitrators shall continue deliberations on
each issue.. If after repeated voting the majority still cannot be achieved,
the award shall be made by the presiding arbitrator.
(3) Outside
joint sessions of the arbitral tribunal, questions of procedure may be decided
by a presiding arbitrator, unless the parties or all members of the arbitral
tribunal have not agreed otherwise.
(4) The
panel of arbitrators may entrust to one of its members to undertake certain
fact-finding activities.
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