PRIME Finance Clauses

[If parties wish to refer disputes to PRIME Finance Mediation prior to arbitration]

"Any dispute arising out of or in connection with this Agreement shall be referred first to mediation in accordance with the PRIME Finance Mediation Rules."

Arbitration: Single arbitrator

"[Subject to [Mediation Clause],] any dispute arising out of or in connection with this Agreement, including a dispute as to the validity or existence of this Agreement and/or this clause [number], shall be resolved by arbitration with seat (or legal place) in [insert choice of seat] conducted in the [Language] by a single arbitrator [see Number of Arbitrators] pursuant to the PRIME Finance Arbitration Rules, save that, unless the parties agree otherwise, the parties agree to waive any right of appeal against the arbitration award.

Where necessary, the Secretary General of the Permanent Court of Arbitration shall act as the appointing authority.

Arbitration: Three Arbitrators

"[Subject to [Mediation Clause],] any dispute arising out of or in connection with this Agreement, including a dispute as to the validity or existence of this Agreement and/or this clause [number], shall be resolved by arbitration with seat (or legal place) in [insert choice of seat] conducted in the [Language] by three arbitrators [see Number of Arbitrators] pursuant to the PRIME Finance Arbitration Rules, save that, unless the parties agree otherwise, the parties agree to waive any right of appeal against the arbitration award.

Where necessary, the Secretary General of the Permanent Court of Arbitration shall act as the appointing authority.

Click on PRIME Finance for more on PRIME and the drafting and use of this clause.

Note: When contracting with States, an additional restriction on the nationality of arbitrators as per our ICC/LCIA/UNCITRAL 3 arbitrator precedents has not been suggested here. If the parties have chosen PRIME Finance's Rules the most likely reason is a desire to have arbitrators selected from Prime’s List of Experts and, as this a finite list, such a restriction may unduly fetter selection from that List. If the PRIME Rules are particularly desirable, however, comfort in this area can be taken from the vetting applied to experts before admission to PRIME’s list and provisions as to independence of arbitrators in the PRIME Rules.

Note: In Russia related contracts (i.e. where enforcement of an award is likely to be required in Russia (e.g. when contracting with a Russian counterparty), or the seat of arbitration is in Russia, or the clause is governed by Russian law) it may be that institutional clauses would benefit from amendment in order to deal with the influence of Russian case-law concerning the identification of arbitral institutions. If relevant to you, please consult a member of the Linklaters International Arbitration group for further information.