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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II ARBITRATION PROCEEDINGS CHAPTER III AWARD CHAPTER IV SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. The present Rules are formulated with a view to impartially and rapidly settling disputes between the parties over financial transactions. Article 2. China International Economic and Trade Arbitration Commission (also named the Tribunal of Arbitration of China Chamber of International Commerce, hereinafter referred to the Arbitration Commission) independently and impartially settles, by means of arbitration, disputes between the parties arising from or related to financial transactions. Financial transactions shall refer to the financial transactions between financial institutions or between a financial institution and any other legal person or natural person regarding the fund raising of domestic and foreign currencies, the transfer and sale, of all financial instruments and documents in domestic and foreign currencies in the money market, capital market, foreign exchange market, gold market, and insurance market, including but not limited to the following transactions: (1) loans; (2) certificates of deposits; (3) guaranties; (4) letters of credit; (5) negotiable instruments; (6) fund transactions and fund trusteeship; (7) bonds; (8) collection and foreign exchange remittance; (9) factoring; (10) reimbursement stipulations between banks. Article 3. With respect to a case on financial dispute accepted by the Arbitration Commission, the present Rules shall apply if the parties have so stipulated. If there is no such stipulation between the parties, the "Arbitration Rules of the China International Economic and Trade Arbitration Commission" shall apply. Where a party proposes any objection to whether the dispute between both parties is a dispute arising from or related to financial transaction, or to whether the present Rules shall apply to the case, it shall be decided by the Arbitration Commission. Article 4. Where the parties have particular stipulations on the arbitration proceedings, which have been consented by the Arbitration Commission, such stipulations shall be followed. Article 5. The Arbitration Commission shall be entitled to decide on the existence and validity of the arbitration agreement as well as the jurisdiction of the arbitration case. Where the parties have any objections to the validity of an arbitration agreement, and one party requests the Arbitration Commission to make a decision, while the other requests the people's court to adjudicate, the case shall be adjudicated on by the people's court. Where a party proposes any objection on the arbitration agreement or the jurisdiction of the arbitration case, the arbitration proceedings shall not be affected. Article 6. Each party may select an arbitrator from the Panel of Financial Arbitrators of the Arbitration Commission, or from the panel of other arbitrators appointed by the Arbitration Commission. When the chairman of the Arbitration Commission is to appoint an arbitrator, he may, unless otherwise agreed upon between the parties, appoint the arbitrator from the Panel of Financial Arbitrators or the panel of other arbitrators of the Arbitration Commission. Article 7. The arbitrators shall sign independent declarations. The arbitrators appointed by the parties shall be subject to the confirmation of the Arbitration Commission. Whether the Arbitration Commission confirms or not, it will not give any explanation. CHAPTER II ARBITRATION PROCEEDINGS Article 8. The arbitration proceedings shall commence from the date on which the secretariat of the Arbitration Commission sends out the arbitration notice. Article 9. The claimant shall satisfy the following requirements when submitting an application for arbitration: (1) a written application for arbitration shall be submitted, and the following shall be specified therein: 1. the name, domicile, and contact information of the claimant and those of the respondent including the zip code, telephone number, telex number, fax number, telegraph number, and email address; 2. the arbitration agreement relied upon by the claimant; 3. the facts of the case and the main points of dispute; and 4. the claimant's claim and the facts and reasons on which his claim is based. The written application for arbitration shall be signed and/or stamped by the claimant and/or his authorized agent; (2) When the written application for arbitration is submitted, the relevant evidential documents on which the claimant's claim is based shall be attached; and (3) The claimant shall pay an arbitration fee in advance according to the Schedule of the Arbitration Commission on the Fees for Arbitration of Financial Disputes. Article 10. If, after the secretariat of the Arbitration Commission receives a written application for arbitration, and it believes that the application meets the conditions for acceptance, it shall accept the application and notify the party in writing within 5 business days as of the date of receipt. If the secretariat considers that the application does not meet the conditions for acceptance, it shall inform the party in writing of its rejection of the application and explain the reasons for rejection within 5 business days as of the date of receipt. Article 11. The secretariat of the Arbitration Commission shall, when sending out the arbitration notice on accepting the case to the claimant, attach the present Rules, the Arbitration Rules of the Arbitration Commission, the Panel of Financial Arbitrators of the Arbitration Commission and the panel of other appointed arbitrators. The secretariat of the Arbitration Commission shall, when sending out the arbitration notice on accepting the case to the respondent, attach the counterpart of the written application for arbitration submitted by the claimant, the present Rules, the Arbitration Rules of the Arbitration Commission, the Panel of Financial Arbitrators of the Arbitration Commission and the panel of other appointed arbitrators. Article 12. An arbitration tribunal may be composed of either one or three arbitrators. If the parties fail to stipulate the number of arbitrators, it is up to the chairman of the Arbitration Commission to decide whether the arbitration tribunal shall be composed of either one or three arbitrators. If the arbitration tribunal is composed of one arbitrator, the claimant and the respondent shall, unless otherwise agreed upon between them, negotiate to jointly select or jointly entrust the chairman of the Arbitration Commission to appoint a sole arbitrator within 7 business days as of the date of later receipt by the party of the arbitration notice. If the arbitration tribunal is composed of three arbitrators, the claimant and the respondent shall, unless otherwise agreed upon between them, respectively select or jointly entrust the chairman of the Arbitration Commission to appoint an arbitrator within 7 business days as of the date of their respective receipt of the arbitration notice, and either party shall negotiate with the other to jointly select or jointly entrust the chairman of the Arbitration Commission to appoint the third arbitrator within 7 business days as of the date of later receipt by the party of the arbitration notice. If an arbitration case contains two or more claimants and/or respondents, the claimants and/or the respondents shall negotiate to jointly select or jointly entrust the chairman of the Arbitration Commission to appoint an arbitrator. If the parties fail to select an arbitrator or to entrust the chairman of the Arbitration Commission to appoint an arbitrator, the arbitrator shall be appointed by the chairman of the Arbitration Commission, unless it is otherwise agreed upon between the parties. Article 13. Unless otherwise agreed upon between the parties, the respondent shall, within 15 business days as of the date of receipt of the arbitration notice, submit his defense and the relevant evidence to the secretariat of the Arbitration Commission. Unless otherwise agreed upon between the parties, the respondent shall file his counterclaim, if any, in writing within the above said time limit. Article 14. Unless otherwise agreed upon between the parties, the claimant shall, within 15 business days as of the date of receipt of the respondent's counterclaim, submit the written defense to the secretariat of the Arbitration Commission. Article 15. The arbitration tribunal may hold the arbitration proceedings by a means it considers proper, provided that it must treat both parties impartially, and ensure both parties to have reasonable opportunities to state the facts of the case. Article 16. The arbitration tribunal may, in the process of arbitration, promulgate procedural orders, issue questionnaires, hold pre-hearing meetings and preparatory hearings. Article 17. If the parties have stipulated or the arbitration tribunal has determined the time limit for the production of evidence, the parties shall submit the evidential materials to the arbitration tribunal within the prescribed time limit. If the parties have not stipulated or the arbitration tribunal has not determined the time limit for the provision of evidence, the parties shall, 3 business days before the first hearing, deliver all the written statements and evidential materials to the secretariat of the Arbitration Commission. Unless otherwise agreed upon between the parties or otherwise decided by the arbitration tribunal, the arbitration tribunal has the right to refuse the written statements and evidential materials submitted by a party after the expiry of the time limit for provision of evidence. Article 18. Unless otherwise agreed upon between the parties, the arbitration tribunal may decide whether to hold a session to examine the case. For a case to be examined in sessions, the secretariat of the Arbitration Commission shall serve the notice of opening session to both parties 10 business days before the date of session. Article 19. Upon consent by the secretary general of the Arbitration Commission, the time periods provided for in Article 12 may be properly extended. Upon consent by the arbitration tribunal, the time periods provided for in Articles 13, 14 and 18 may be properly extended. Article 20. The parties may stipulate the place of arbitration. If the parties have not so stipulated, the place of arbitration shall be the locality of the Arbitration Commission or its sub-commission. Unless otherwise agreed upon between the parties, the arbitration tribunal may hold the session or other activities at any place it considers proper. CHAPTER III AWARD Article 21. Unless otherwise compulsorily provided for by law, the parties of a case involving foreign interests may stipulate the laws applicable to substantial issues of the case. If the parties have not so stipulated, the arbitration tribunal may apply the laws it considers proper. Under whatever circumstances, the arbitration tribunal shall take account of the contract clauses, the practices in relevant industries, and the practices of industrial standards, and shall comply with the principle of impartiality and reasonableness. Article 22. Unless otherwise agreed upon between the parties, the arbitration tribunal shall make an arbitration award within 45 business days as of the day when the arbitration tribunal is formed. If, upon the requirement of the arbitration tribunal, the secretary general of the Arbitration Commission considers it indeed necessary or justifiable, it may extend the above said time limit; provided that the extension of each time shall not exceed 15 business days. Article 23. The arbitrators shall, before signing the award, submit the draft of the award to the Arbitration Commission. On the condition that the arbitrators' independent award is not impacted, the Arbitration Commission may remind the arbitrators of the formal issues of the award. CHAPTER IV SUPPLEMENTARY PROVISIONS Article 24. Any documents, notices and materials, related to the arbitration may be served by the secretariat of the Arbitration Commission to the parties and/or their agents either by sending persons or by registered letter or EMS, fax, telex, cable, e-mail or other means that the secretariat of the Arbitration Commission considers proper. Article 25. Unless otherwise agreed upon between the parties or unless provided for by the arbitration tribunal, the business days in the present Rules shall refer to the business days at the locality of the Arbitration Commission. Article 26. In case of any provision in the present Rules which is inconsistent with the "Arbitration Rules of the China International Economic and Trade Arbitration Commission", the present Rules shall prevail. For matters not covered in the present Rules, the "Arbitration Rules of the China International Economic and Trade Arbitration Commission" shall apply. Article 27. The present Rules shall uniformly apply to the Arbitration Commission and its sub-commissions. When a sub-commission is holding an arbitration, the duties which are provided for by the present Rules to be implemented by the chairman of the Arbitration Commission, the secretariat of the Arbitration Commission, or the secretary general of Arbitration Commission shall be respectively implemented by the vice chairman authorized by the chairman of the Arbitration Commission, the secretariat of the sub-commission of the Arbitration Commission or the secretary general of the sub-commission of the Arbitration Commission. Article 28. The power to interpret the present Rules shall remain with the Arbitration Commission. Attachments: 1. Demonstrative Clause of China International Economic and Trade Arbitration Commission on Arbitration of Financial Disputes 2. Fee Schedule of China International Economic and Trade Arbitration Commission on Arbitration of Cases on Financial Disputes Attachment 1: DEMONSTRATIVE CLAUSE OF CHINA INTERNATIONAL ECONOMIC AND TRADE ARBITRATION COMMISSION ON ARBITRATION OF FINANCIAL DISPUTES Any dispute between the parties arising from or related to this contract/transaction shall be submitted to the China International Economic and Trade Arbitration Commission for arbitration in accordance with the Rules on Arbitration of Financial Disputes. Attachment 2: FEE SCHEDULE OF CHINA INTERNATIONAL ECONOMIC AND TRADE ARBITRATION COMMISSION ON ARBITRATION OF CASES ON FINANCIAL DISPUTES Amount in Dispute (Renminbi) Under 1,000,000 Yuan Arbitration Fee (Renminbi) 1.5% of the amount in dispute, no less than 8,000 Yuan at minimum Amount in Dispute (Renminbi) 1,000,000 Yuan to 5,000,000 Yuan Arbitration Fee (Renminbi) 15,000 Yuan + 1% of the part over 1,000,000 Yuan of the amount in dispute Amount in Dispute (Renminbi) 5,000,000 Yuan to 50,000,000 Yuan Arbitration Fee (Renminbi) 55,000 Yuan + 0.75% of the part over 5,000,000 Yuan of the amount in dispute Amount in Dispute (Renminbi) Over 50,000,000 Yuan Arbitration Fee (Renminbi) 392,500 Yuan + 0.5% of the part over 50,000,000 Yuan of the amount in dispute In the event of application for arbitration, Renminbi 10,000 Yuan shall be charged for filing each case, including the expenses for examination, filing the case, information input into and use of computer programs and keeping the case in files. Where the amount in dispute has not been determined at the time of application for arbitration or if the circumstance is particular, the amount of the arbitration fee shall be determined by the secretariat of the Arbitration Commission or the secretariat of the sub-commission of the Arbitration Commission. When the charged arbitration fee is in foreign currency, such foreign currency shall be of equal value to the Renminbi fee provided for in the present arbitration fee schedule. The Arbitration Commission or its sub-commissions may, in addition to charging arbitration fees in accordance with the arbitration fee schedule, charge other additional and reasonable actual expenses in accordance with "Arbitration Rules of the China International Economic and Trade Arbitration Commission". |
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