TRAC MODEL CLAUSE
TRAC recommends the insertion of the following standard clause to all parties wishing to submit their disputes to the TRAC Rules of Arbitration:
“Any dispute arising out of or in connection with this contract, including any question regarding its existence, validity ortermination, shall be referred to and finally resolved by arbitration administered by the Tehran Regional Arbitration Centre (“TRAC”) in accordance with the Arbitration Rules of the Tehran Regional Arbitration Centre (“TRAC Rules”) for the time being in force, which rules are deemed to be incorporated by reference in this clause.”
The arbitral tribunal shall be composed of three arbitrators / a sole arbitrator.
The place of arbitration shall be […].
The language of the arbitration shall be […].
This contract shall be governed by the substantive law of […].