5. The award is to be issued by a majority of votes in accordance with the terms and conditions of the present Contract, and also the rules of Swedish Material Law.
7.6.1. Fill in the prepositions: 1. The disputes that arise ... connection ... this Contract will be settled. 2. It is possible to settle this dispute ... means ... negotiations. 3. All claims and disputes arising … or relating to this Agreement are to be settled ... binding arbitration. 4. The Parties did not come ... an agreement. 5. The Party should notify the other Party ... a registered letter. 6. The award was issued … accordance ... the rules of the Swedish Law. 7. The arbitrator should be appointed ... 30 days after the receipt of the letter.
7.6.2. Answer the following questions: 1. How can the disputes between the Parties be settled? 2. How shall the Party which wishes to refer the dispute to Arbitration notify the other Party about its decision? 3. How long does it take the other Party to choose its arbitrator? 4. How is the award issued? What shall it be like?
7.7. Summarize all information concerning arbitration clauses in contracts.
WRITING
1. a) Study the example of requesting payment by Letter of Credit.
Wadley Incorporated Your ref: CH/MY Broadway Our ref: AB/LO New York USA 25 June 2015
Order № M/572733
Dear Sirs
Thank you for the above order for 355 electric power drills.
We note that the order must be shipped by 25 July and is to be sent CIF New York. We enclose our pro forma invoice and request you to open an irrevocable credit in our favour for £5100. As soon as we receive notification that the credit has been opened we will arrange for the shipment of the order.
We are pleased to be supplying you once again and look forward to further cooperation with you in the future.