The clause below may be included in an international commercial contract to specify the parties want to use the GMXC process to settle any dispute that may arise under the agreement:
Any controversy or claim arising out of or relating to this contract, or the breach thereof (a “Dispute”), shall be finally determined by arbitration in accordance with the GMXC Rules and the arbitration/mediation/arbitration process authorized by the New Jersey International Arbitration Mediation and Conciliation Act, N.J.S.A. 2A:23E-3 et seq. (the “Act”).
In the event that the parties are unable to resolve this Dispute in the mediation commenced in accordance with the provisions of the Act and to reduce that resolution to a signed settlement agreement provided to the Mediator within the time period set forth in the GMXC Rules, or if the Consent Award based on the parties’ mediation settlement agreement does not resolve all issues raised in this Dispute, the parties agree to submit this Dispute (or any issues relating to this Dispute remaining to be resolved) to be resolved by arbitration in accordance with the Dispute Resolution Procedures of the International Centre for Dispute Resolution (the “ICDR”).
In adopting arbitration, the parties knowingly waive any right that they otherwise would have to bring claims in court, to pursue the discovery rights attached to litigation brought in court and/or to have the matter decided by a jury, if the matter, if brought in court, could be decided by a jury.