Schedule 1Arbitration Act, 2012
Model Arbitration Clause
1Where an issue arises between the parties to a contract, the claimant party shall communicate in writing to the respondent party the particulars of the issue and the remedy sought.
2The respondent party shall be given ten days within which to respond in writing to the particulars of the issue.
3If the claimant party is dissatisfied with the response, then the issue shall be resolved by arbitration in accordance with the provisions of the Cayman Islands Arbitration Law, 2012.
4In the conduct of the arbitral proceedings, the parties may stipulate that-
(a)the language of the arbitration shall be English;
(b)the seat of the arbitration shall be the Cayman Islands;
(c)there shall be one arbitrator;
(d)the appointing authority may, based on mutual agreement, be chosen by the parties or in the absence of such agreement, the court may designate an appointing authority.
5In this arbitration clause- "issue" in relation to a contract includes-
(a)a dispute;
(b)a controversy;
(c)a claim;
(d)a breach;
(e)termination; or
(f)invalidity.