The Commercial Arbitration Association of ROC (referred to as t-he Association” ) and the Spanish Court of Arbitration (referredto as the “Court “), believing that wider use of commercial arb-itra tion will contribute to the stability of economic transact-ions between the two countries have agreed as follows :Article 1The Association and the Court shall each recommend enterprisesengaged in economic transactions between the ROC and Spain theinsertion of the following arbitration clause in contracts betw-een such enterprises :”All disputes that may arise between the parties out of or in r-elation to this contract shall be settled by arbitration underthe ROC-Spanish Arbitration Agreement. The place of arbitrationshall be, unless otherwise agreed between the parties, the coun-try in which the respondent resides. In case the respondent isan enterprise of the ROC, the arbitration shall be conducted bythe Commercial Arbitration Association of ROC in accordance withthe Commercial Arbitration Rules thereof. In case the respondentis an enterprise of Spain, the arbitration shall be conducted bythe Court in accordance with the Commercial Arbitration Rules t-hereof. “Article 2(1) Any arbitrator shall not be limited to the national of eith- er country where the arbitration takes place.(2) The languages of English or Chineseand Spanish shall, unless otherwise agreed between the parties, be used in the arbitr- ation proceedings.Article 3The Association and the Court will cooperate to promote interna-tional commercial arbitration between the two countries and willexchange all necessary information and opinions conducive to therealization of this Agreement.Article 4Believing that the bringing of their respective arbitration lawsand rules into closer harmony will contribute to the further st-ability and development in economic transactions between the en-terprises of the two countries, the Association and the Court w-ill exert every effort to this end.Article 5This Agreement is done in duplicate in English, both copies bei-ng equally authentic and shall become effective on the day of s-ignature.THE COMMERCIAL ARBITRATION ASSOCIATION OF ROC[Signed]MIEN-MIEN HUANGChairman THE HIGH COUNCIL OF CHAMBERS OF COMMERCE, INDUSTRY AND NAVIGATION OF SPAIN [Signed] FERNANDO GOMEZ AVILES Director Taipei, September 17, 1990