Law of Arbitration

1. The two parties to the arbitration shall agree on the appointment of arbitrators. If they fail to reach an agreement, the following shall apply: a) If the arbitration tribunal is composed of one arbitrator, the competent court shall appoint said arbitrator. b) If the arbitration tribunal is composed of three arbitrators, each party shall appoint one arbitrator, and the two appointed arbitrators shall appoint the umpire. If a party fails to appoint his arbitrator within 15 days following the receipt of a petition to this effect from the other party, or if the two appointed arbitrators fail to agree on the appointment of the umpire within 15 days from the date of appointment of the last arbitrator, the competent court, pursuant to a petition filed by the party seeking to expedite the arbitration, shall appoint the umpire within 15 days from the date of submission of the petition. The umpire, whether selected by the two appointed arbitrators or appointed by the competent court, shall preside over the arbitration tribunal. These provisions shall apply to cases where the arbitration tribunal is composed of more than three arbitrators. 2. If the two parties to the arbitration fail to agree on the procedures for the appointment of arbitrators, or if one of the parties fails to adhere to such procedures, or if the two appointed arbitrators fail to agree on a matter that requires their agreement, or if a third party fails to perform a function entrusted thereto under such procedure, the competent court shall, pursuant to a petition filed by the party seeking to expedite the arbitration, take the necessary measure or action unless the agreement provides for other means for completing such measure or action. 3. In appointing an arbitrator, the competent court shall observe the conditions stipulated in the arbitration agreement and the conditions required under this Law, and shall issue its decision for appointment of the arbitrator within 30 days from the petition submission date. 4. Without prejudice to the provisions of Articles 49 and 50 of this Law, the decision of the competent court for appointment of the arbitrator according to paragraphs (1) and (2) of this Article shall not be independently subject to any form of appeal.