1. Any condition or provision contained in this policy, notwithstanding, it is understood and agreed that all disputes resulting from the performance and/or interpretation of this agreement of insurance are to be submitted to three arbitrators whose award shall be final and binding.
2. The party desiring to submit a case to arbitration must give the other party notice of his intention in writing. The three arbitrators shall be appointed by both parties by mutual agreement; if within 4 (four) weeks from the date of such written notice the parties are unable to agree on the selection of the arbitrators, the most ready party may request the chairman, or in his absence the acting chairman, of the association of insurance companies in Indonesia to nominate the authority which is to appoint the arbitrators.
3. The arbitrators are bound to pronounce on the issue before them in a just equitable manner.
4. The arbitrators shall determine the rules of the arbitral proceedings.
5. In their final award the arbitrators shall decide by which party or parties the costs of the arbitral proceedings, including the disbursements, the fees of arbitrators and the fees and disbursements of the lawyers representing the parties, shall be wholly or partially borne.
6. The arbitrators shall take the necessary measures in order that the original of the award shall be filed at the local court of competent jurisdiction, in which city the award(s) shall be made.
7. The powers to be granted to the arbitrators shall continue until after the filing referred to in the above mentioned stipulation 6.