Conciliation and Arbitration
Claims, differences and disputes arising out of activities on the exchange can be referred to conciliation and arbitration by the parties.
- Matters will initially attempt to be resolved through conciliation which may be presided over by an officer of the Exchange. However, conciliation proceedings to which the Exchange is a party will be presided over by an independent conciliator.
- Conciliation proceedings can be terminated by declaration of the conciliator, declaration of both parties, or declaration of one of the parties.
All matters relating to the conciliation proceedings will be kept confidential, except where their disclosure is necessary for the purposes of implementation and enforcement of the settlement agreement.
- Disputes will be referred to arbitration as provided in the Rules, where the conciliation proceedings do not result in any settlement. The provisions not included in the Rules but included in the Arbitration Act will be applicable as if they were included in the Rules.
- The procedure for appointment of arbitrators by the applicant, the respondent, or the Exchange will be as may be provided by the Exchange from time to time.
- Conciliation and arbitration expenses will be borne by the parties to the proceedings as will be specified by the Exchange, with exceptions in some cases.
The arbitral award will clearly state the amount awarded and what it relates to and it will be final and binding on the parties.