arbitration clause

(law) A contract clause included in many international contracts stating for example:
“Any controversy or claim arising out of or relating to this contract, or the breach thereof, shall be settled by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.” See arbitration; American Arbitration Association; International Chamber of Commerce.

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