A: I think we have everything in the contract. Shall we sign it'?
B: Wait a minute. I think we have missed an important point. We should include an arbitration clause in the contract.
A: I believe we can solve disputes through an amicable negotiation.
B: I hope so. too. But I still think the provision of arbitration is of great importance to both of us.
A: All right. I agree with you. But where do we hold arbitration'l
B: I suggest the arbitration be held in a third country.
A : 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- tation 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 parlies.