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CHAPTER X
ARBITRATION AGREEMENT

Clause Forty-Four
Court of Arbitration

One. All disputes arising between the Territory and CTM in connection with the interpretation and enforcement of the Agreement shall be finally settled by a Court of Arbitration operating in Macau and shall comprise three arbitrators, one being appointed by the Governor, one by CTM and the third, who shall serve as Chairman, by the parties to the Agreement.

Two. Should one of the parties fail to appoint their arbitrator within one month of the date on which they have been invited to do so by the other party, or should the parties fail to reach an agreement with regard to the choice of the third arbitrator, the arbitrator (s) required shall be chosen by the Court with General Jurisdiction of Macau at the request of either party.

Three. The Court of Arbitration shall pass sentence according to the law of Macau and no appeal may be made against its decisions, except in the case of violation of law.

Four. Any expenditure made setting up and running the Court of Arbitration shall be borne by the losing party proportionally to its blameworthiness.

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