The agreement between Chamber of Commerce and Industry of the Russian Federation and the Union of Chambers of Commerce and Industry of the Republic of Kazakhstan on cooperation in the field of international arbitration
of October 5, 2004
Chamber of Commerce and Industry of the Russian Federation and the Union of Chambers of Commerce and Industry of the Republic of Kazakhstan, hereinafter referred to as "Contracting parties",
wishing to promote development of full cooperation of participants of foreign economic activity of two countries,
being convinced that wide use of opportunities of international arbitration will allow to create the effective tool of permission of civil disputes between participants of foreign economic activity of Russia and Kazakhstan who can arise between these parties during their commercial relations, including investment,
agreed as follows.
Contracting parties agreed to recommend according to the Russian and Kazakhstan participants of foreign economic activity, including investment, to include the following arbitration clause in their contracts:
"All disputes or disagreements which can arise from this contract or in connection with it are subject, with cognizance exception to national courts, permission in the arbitral way.
If defendant in such dispute or disagreement is the Russian physical person or legal entity, then arbitration proceeding will be performed in the International commercial Arbitration Court under Chamber of Commerce and Industry of the Russian Federation according to its Regulations.
If defendant in such dispute or disagreement is the Kazakhstan physical person or legal entity, then arbitration proceeding will be performed in Arbitration commission under the Union of Chambers of Commerce and Industry of the Republic of Kazakhstan according to its Regulations.
The award of arbitration passed according to this arbitration clause will be final and binding upon both parties".
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