The agreement between Chamber of Commerce and Industry of the Russian Federation and the Latvian Chamber of Commerce and Industry on cooperation in the field of commercial arbitration

of October 17, 1996

Chamber of Commerce and Industry of the Russian Federation and the Latvian Chamber of Commerce and Industry, hereinafter referred to as "Contracting parties",

in view of that the Russian Federation and the Republic of Latvia ratified the Convention on recognition and carrying out of foreign arbitral decisions of June 10, 1958,

wishing to promote use of arbitration as the effective tool of permission of the commercial disputes able to arise in the Russian-Latvian trade and economic relations, including investment,

agreed as follows:

Article 1

Contracting parties agreed to recommend according to the Russian and Latvian physical persons and legal entities participating in implementation of commercial and commercial intercourses between the Russian Federation and the Republic of Latvia, to include the following arbitration clause in their contracts:

"All disputes or disagreements able to arise from this contract or in connection with it, are subject, with cognizance exception to general 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 Latvian physical person or legal entity, then arbitration proceeding will be performed in Reference tribunal of the Latvian Chamber of Commerce and Industry according to its regulations.

The award of arbitration passed according to this arbitration clause will be final and binding upon both parties".

Article 2

Contracting parties will cooperate among themselves with the purpose of development of the international commercial arbitration.

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