“Any uncertainties or disputes arising in connection with the present agreement or with any further agreements resulting therefrom shall be decided or settled by binding advice in accordance with the Binding Advice Rules of the Netherlands Arbitration Institute.”
Additionally, various matters may be provided for:
It should be borne in mind that, as a rule, multiple binding advisors will cost more than one binding advisor. If the parties have not agreed the number of binding advisors, their number will be determined by the administrator (Article 12).
Article 13 provides for appointment of the binding advisor(s) by the parties. If the parties wish to agree a different method of appointment, they must include this in the binding advice agreement. If the parties prefer the list procedure provided for in Article 14 over appointment by the parties, they should include this clause in the binding advice agreement.
Article 5 provides that the binding advice proceedings will be conducted in the language agreed by the parties. In the absence of such agreement, the language will be determined by the binding advisor(s).
Binding advice proceedings are intended to end uncertainties by way of a determination made in the binding advice or settlement of the dispute. If they so desire, by including this last clause the parties authorise the binding advisor(s) to supplement or amend a legal relationship.