Arbitration clause to a promissory note drawn on …......
Name and surname/trade name
Birth identification number/company registration number
resided at/with registered seat at
….. (hereinafter “the Creditor” only)
Name and surname/trade name
Birth identification number/company registration number
resided at/with registered seat at
….. (hereinafter “the Debtor” or “the Drawer” only)
Name and surname/trade name
Birth identification number/company registration number
resided at/with registered seat at
….. (hereinafter “the Avalist” only)
hereinafter designated also as “the Contractual Parties.”
On (date) …...... the Drawer drew a promissory note (unprotested draft) for the benefit of the Creditor in the amount of CZK …...... , due on …...... , with a place of settlement in …...... , the Avalist pledged himself/herself for payment of the note.
Contractual Parties herein explicitly agree that any and all property disputes, which may arise in the future out of the above-mentioned note, including the issues of its validity, interpretation, performance and/or termination of rights created of this note, (hereinafter “the disputes” only), shall be resolved through arbitral proceedings, as enabled by the Act No. 216/1994 Coll., on arbitral proceedings and the execution of arbitration awards.
The Contractual Parties herein agree that any dispute shall be decided by an arbitrator appointed by the statutory body of Společnost rozhodců s.r.o. (Company of Arbitrators, Ltd.), company registration number 26816113 and selected from the list of attorneys, registered in the list kept by the Czech Bar Association.
In compliance with provisions of § 19, Clause 1 of the Act No. 216/1994 Coll., the Contractual Parties herein agree that any dispute shall be resolved without oral proceedings, on the basis of written evidence introduced by the parties. In case the arbitrator finds the written documents to be insufficient, he is entitled to order the oral proceedings. Furthermore, the contractual parties agreed that the arbitrator shall be paid a charge in the amount of 3.5% + VAT of the value of the dispute. The arbitrator shall send an action including a call to the defendant to comment and the defendant must comment on it within 10 days from the call delivery and introduce evidence to substantiate his/her allegations. The Contractual Parties explicitly authorize the arbitrator to resolve the dispute in compliance with the principles of justice.
Furthermore, the Contractual Parties herein agree that service within the contractual relation and/or in the arbitral proceedings shall comply with the relevant provisions of the civil procedure code and is done to the place of business in case the person is a natural person running a business, or in case of a legal person to the registered office listed in the relevant register, and in case of a natural person not running a business to the address given in the heading of this document when the natural person not running a business explicitly requests service to this address by the other contractual party and/or the arbitrator in compliance with provisions of § 46a, Clause 2 of the civil procedure code.
In…...... on(date).....
…...... …...... …......
CreditorAvalistDrawer