Special arbitration clauses for financial disputes

American Arbitration Association (AAA) – Model Clause for Commercial Financial Dispute Resolution (Short Form)

“1. If a dispute arises out of or relates to this Agreement, or the breach thereof, the parties agree first to try in good faith to resolve the dispute by mediation administered by the American Arbitration Association under its Commercial Financial Disputes Mediation Rules, before resorting to arbitration. Thereafter, any unresolved controversy or claim arising out of or relating to this Agreement, or breach thereof, shall be resolved by arbitration administered by the American Arbitration Association in accordance with its Commercial Financial Disputes Arbitration Rules, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof pursuant to applicable law.

2. Nothing in the preceding paragraph, or otherwise, nor the exercise of any right to negotiation, mediation or arbitration, nor the commencement or pendency of any proceeding, shall limit the right of any party to this Agreement:

(1) to seek judicial equitable relief, or other equitable relief available to it under applicable statutory and/or case law including, but not limited to, injunctive relief and the appointment of a receiver; or

(2) to exercise any self-help rights or any other rights or remedies available to it by contract or applicable statutory or case law (including but not limited to the filing of an involuntary petition in bankruptcy, the right of set off, attachment, recoupment, foreclosure, or repossession) with respect to its extension of credit, the protection and preservation of collateral, the liquidation and realization of collateral, the protection, continuation and preservation of lien rights and priorities, the collection of indebtedness, and the processing and payment or return of checks, whether such occurs before, during or after the pendency of any negotiation, mediation, or arbitration proceeding. The institution and maintenance of an action for judicial relief or pursuit of provisional or ancillary rights or remedies or exercise of self-help remedies, all as provided herein, and the pursuit of any such rights or remedies, shall not constitute a waiver of the right or obligation of any Party, including the plaintiff seeking judicial relief or remedies, to submit a dispute to negotiation, mediation and arbitration, including disputes that may arise from the exercise of such rights.

3. The arbitrator(s) shall not have the power to order specific performance of any obligation or duty of any party to this Agreement or to issue injunctions in connection therewith or otherwise.

4. Arbitrators appointed by AAA hereunder shall be appointed from the National Roster for Commercial Financial Disputes as provided in the Rules unless otherwise mutually agreed to by the parties. Mediators shall be appointed, with consent by the parties, from the National Panel of Mediators, when practicable, but otherwise by AAA with the consent of the parties.”

 

China International Economic and Trade Arbitration Commission (CIETAC)

“Any dispute arising from or in connection with this Contract or this transaction shall be submitted for arbitration to China International Economic and Trade Arbitration Commission and such arbitration shall be conducted in accordance with the Financial Arbitration Rules of the Arbitration Commission.”

 

Panel of Recognised International Market Experts in Finance (P.R.I.M.E. Finance)

Option 1 (including an express option for mediation)

“Any dispute, controversy or claim arising out of or relating to this contract, or the breach, termination or invalidity thereof, shall be submitted to mediation in accordance with the P.R.I.M.E. Finance Mediation Rules. Any mediation shall take place in [town & country] and be administered by P.R.I.M.E. Finance.

Subject to Articles 18 and 19 of the P.R.I.M.E. Finance Mediation Rules, a party may commence arbitration proceedings administered by P.R.I.M.E. Finance in accordance with the P.R.I.M.E. Finance Arbitration Rules:

(a) The number of arbitrators shall be [one or three], and [this/these] arbitrators shall be selected from P.R.I.M.E. Finance's list of approved arbitrators.

(b) [Where there will be three arbitrators] Each party shall appoint one arbitrator from P.R.I.M.E. Finance's list of approved arbitrators, and the Chairman shall be selected in line with article 9(1) of the P.R.I.M.E. Finance Arbitration Rules.

(c) Where necessary, the Secretary-General of the Permanent Court of Arbitration shall act as the appointing authority, and shall appoint from P.R.I.M.E. Finance's list of approved arbitrators, to which list the parties herewith agree as the basis for the appointment of the arbitrators.

(d) The place of arbitration shall be [town & country];

(e) The language to be used in the arbitral proceedings shall be [...]; and

[Optional]

(f) The Emergency Arbitration Rules as set out in ANNEX C to the P.R.I.M.E. Finance Arbitration Rules shall not apply.

(g) The Referee Arbitration Rules as set out in ANNEX D to the P.R.I.M.E. Finance Arbitration Rules shall apply.*

(h) The administrative costs of P.R.I.M.E. Finance shall be calculated in accordance with article 3 of Annex E to the P.R.I.M.E. Finance Arbitration Rules.“

* Please note that this option is only open in cases where the place of arbitration is located in The Netherlands.  

 

Option 2 (not including an express option for mediation)

“Any dispute, controversy or claim arising out of or relating to this contract, or the breach, termination or invalidity thereof, shall be resolved by arbitration administered by P.R.I.M.E. Finance in accordance with the P.R.I.M.E. Finance Arbitration Rules.

(a) The number of arbitrators shall be [one or three], and [this/these] arbitrators shall be selected from P.R.I.M.E. Finance's list of approved arbitrators.

(b) [Where there will be three arbitrators] Each party shall appoint one arbitrator from P.R.I.M.E. Finance's list of approved arbitrators, and the Chairman shall be selected in line with article 9(1) of the P.R.I.M.E. Finance Arbitration Rules.

(c) Where necessary, the Secretary-General of the Permanent Court of Arbitration shall act as the appointing authority, and shall appoint from P.R.I.M.E. Finance's list of approved arbitrators, to which list the parties herewith agree as the basis for the appointment of the arbitrators.

(d) The place of arbitration shall be [town & country];

(e) The language to be used in the arbitral proceedings shall be [...]; and

[Optional]

(f) The Emergency Arbitration Rules as set out in ANNEX C to the P.R.I.M.E. Finance Arbitration Rules shall not apply.

(g) The Referee Arbitration Rules as set out in ANNEX D to the P.R.I.M.E. Finance Arbitration Rules shall apply.*

(h) The administrative costs of P.R.I.M.E. Finance shall be calculated in accordance with article 3 of Annex E to the P.R.I.M.E. Finance Arbitration Rules.”

* Please note that this option is only open in cases where the place of arbitration is located in The Netherlands.   

Possible waiver statement

Note. If the parties wish to exclude recourse against the arbitral award that may be available under the applicable law, they may consider adding a provision to that effect as suggested below, considering, however, that the effectiveness and conditions of such an exclusion depend on the applicable law.

Waiver. The parties hereby waive their right to any form of recourse against an award to any court or other competent authority, insofar as such waiver can validly be made under the applicable law.

 P.R.I.M.E. Model Clauses for the 1992 and 2002 ISDA Master Agreement can be found here.

 

ISDA has published in its "2013 ISDA Arbitration Guide" a number of model arbitration clauses for use in its 2002 and 1992 ISDA Master Agreement:

German Institution of Arbitration (DIS) – ISDA Model Clause for DIS Rules (Frankfurt/Main Seat)

The German Institution of Arbitration (DIS) has published the ISDA Model Clause for DIS Rules (Frankfurt/Main Seat) at the beginning of 2017. It is primarily designed for use with the 2002 ISDA Master Agreement, but may also be adapted to the 1992 Agreement as it provides plug-ins for both Agreements. The Clause has been drafted by Dr. Mathias Wittinghofer and Tilmann Hertel.