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

of December 28, 2000

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

wishing to promote development of trade and economic cooperation of business entities of two countries,

being convinced that wide use of opportunities of commercial arbitration will allow to create the effective tool of permission of the civil disputes between physical persons and legal entities of Russia and Estonia able to arise in the course of implementation of bilateral commercial and other commercial ties, including investment,

agreed as follows.

Article 1

Contracting parties agreed to recommend according to the Russian and Estonian physical persons and legal entities participating in implementation of commercial and commercial intercourses between Russia and Estonia, 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 Estonian physical person or legal entity, then arbitration proceeding will be performed in Arbitration Court of the Estonian 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 in promoting of the international commercial arbitration as universal remedy of the dispute resolution in the field of trade and economic cooperation, and that number by holding lectures, conferences, seminars and other actions.

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