The three options of arbitration clauses stated below are model clauses which may be used in any maritime contract. However, different drafting serving the needs of any particular agreement is possible.

1. First option

Any dispute arising out of, or in connection with this Agreement shall be resolved by arbitration in Piraeus in accordance with the Rules of the "Piraeus Association for Maritime Arbitration" in force at the time of the commencement of the Arbitration.

 

 

2. Second option

All disputes or differences arising out of or in connection with the present contract shall be finally settled by arbitration in Piraeus under the Maritime Arbitration Rules of the "Piraeus Association for Maritime Arbitration", as in force at the commencement of the arbitration, by one or more arbitrators appointed in accordance with the said Rules.

 

 

3. Third (longer) option

Any dispute arising out of, or in connection with this Agreement, shall be referred to and resolved by arbitration in Piraeus in accordance with the Maritime Arbitration Rules of the "Piraeus Association for Maritime Arbitration" as in force at the time of the commencement of the Arbitration. Each party is to appoint one arbitrator and the two arbitrators so appointed shall appoint jointly a third arbitrator, who shall be the chairman of the arbitral tribunal. Failing agreement of the two arbitrators to appoint the third arbitrator within the period specified in this clause, the third arbitrator shall be appointed by the President of the "Piraeus Association for Maritime Arbitration" at the request of any of the arbitrators. The respondent shall appoint its arbitrator within fifteen (15) business days as of the receipt of the notice of arbitration by the claimant, provided that the notice includes the name and address (and telephone/ fax/ e-mail) of the claimant's arbitrator and agent to receive service of documents. The respondent shall appoint its arbitrator and agent to receive service of documents by written notice to the claimant or its agent. Failing the respondent to appoint its arbitrator within this period, the arbitrator for the respondent shall be appointed at the request of the claimant by the President of the "Piraeus Association for Maritime Arbitration". The two arbitrators shall appoint the third arbitrator within five (5) business days as of the appointment of the second arbitrator.