[speaker001:] I think we have everything in the contract. Shall we sign it?
[speaker002:] Wait a minute. I think we have missed an important point. We should include an arbitration clause in the contract.
[speaker001:] I believe we can solve disputes through an amicable negotiation.
[speaker002:] I hope so. too. But I still think the provision of arbitration is of great importance to both of us.
[speaker001:] All right. I agree with you. But where do we hold arbitration?
[speaker002:] I suggest the arbitration be held in a third country.
[speaker001:] It sounds reasonable. The clause should be like this any disputes arising from the execution of this contract shall be settled in a friendly way. If no settlement can be reached through consul nation and conciliation, the disputes shall be submitted for arbitration by a mutually nominated arbitrator. The arbitrator's decision on the dispute is final and binding on the both parties.
[speaker002:] Ok.