Part 3: Part 3: Arbitration
Section 1: Section 1: General Provisions
Article 7 - Rules of interpretation(1) Where a provision of these
Regulations, except Article 34, leaves the parties free to determine a certain issue, such freedom includes the right of the parties to authorise a third party, including an institution, to make that determination.(2) Where a provision of these Regulationsrefers to the fact that the parties have agreed or that they may agree or in any other way refers to an agreement of the parties, such agreement includes any arbitration rules referred to in that agreement.
Article 8 - Receipt of written communications(1) Unless otherwise agreed by the parties to a dispute:(A) any written communication is taken to have been received if it is delivered to the addressee personally or if it is delivered at his place of business, habitual residence, mailing address or address for the receipt of facsimiles, telex, email or any other means of telecommunication that provides a record of transmission; if none of these can be found after making a reasonable inquiry, a written communication is taken to have been received if it is sent to the addressee's last-known place of business, habitual residence or mailing address by registered letter or by any other means which provides a record of the attempt to deliver it or of its transmission to that party; and(B) the communication is taken to have been received on the day it is so delivered.(2) The provisions of this Article do not apply to communications in
Article 9 - Waiver of right to object
A party who knows that any provision of these
Regulationsfrom which the parties may derogate or any requirement under the Arbitration Agreementhas not been complied with and yet proceeds with the Arbitrationwithout stating his objection to such non-compliance without undue delay or, if a time limit is provided therefore, within such period of time, shall be deemed to have waived his right to object.
Section 2: Section 2: Arbitration Agreement
Article 10 - Definition and form of Arbitration Agreement(1) An
Arbitration Agreementis an agreement by the parties to submit to Arbitrationall or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship, whether contractual or not. An Arbitration Agreementmust be in writing and may be in the form of an arbitration clause in a contract or in the form of a separate agreement.(2) Any standard term or condition of membership or licence or other association with the QFCwhich requires parties to arbitrate disputes shall be considered a binding Arbitration Agreementunder these Regulations.(3) An Arbitration Agreementis taken to be in writing if the arbitration clause or arbitration terms and conditions or any arbitration rules referred to by the Arbitration Agreementare in writing, even if the contract or the separate Arbitration Agreementmay have been concluded orally, by conduct or by other means not in writing.(4) Furthermore, an Arbitration Agreementis in writing if it is contained in an exchange of documents in, or preparatory to, Courtor Arbitrationproceedings in which the existence of an agreement is alleged by one party and not denied by the other.(5) The reference in a contract to a text containing an arbitration clause constitutes an Arbitration Agreementprovided that (i) the reference is such as to make that clause part of the contract and (ii) the text actually existed when the contract containing the reference to it was entered into.(6) The written arbitration terms and conditions, together with any writing incorporating by reference or containing those terms and conditions, or which those terms and conditions incorporate by reference, constitute the Arbitration Agreement.(7) For the purposes of this Article:(A) "writing" includes any form that provides a tangible record of the agreement or is otherwise accessible as a data message so as to be usable for subsequent reference; and(B) "data message" means information generated, sent, received or stored by electronic, optical or similar means including, but not limited to, electronic data interchange, electronic mail, telegram, telex or telecopy.
Article 11 - Arbitration Agreement and substantive claim before Court(1) If an action is brought before the
QFC Tribunalin a matter which is the subject of an Arbitration Agreement, the QFC Tribunalshall, if a party so requests not later than when submitting his first statement on the substance of the dispute, refer the parties to Arbitrationunless it finds that the Arbitration Agreementis null and void, inoperative or incapable of being performed.(2) Where an action referred to in paragraph 11(1) of this Article has been brought, arbitral proceedings may nevertheless be commenced or continued, and an award may be made, while the issue is pending before the QFC Tribunal.
Article 12 - Arbitration Agreement and interim measures by Court(1) It is not incompatible with an
Arbitration Agreementfor a party to request, before or during arbitral proceedings, from a Courtan interim measure of protection and for a Courtto grant such measure.(2) The QFC Tribunalshall have the same power of issuing interim measures and protection for the purposes of and in relation to Arbitrationproceedings as it has for the purposes of and in relation to other proceedings in the QFC Tribunaland shall exercise that power in accordance with its own rules and procedures insofar as these are relevant to the specific features of an Arbitration.
Section 3: Section 3: Composition of Arbitral Panel
Article 13 - Number of arbitrators(1) The parties are free to determine the number of arbitrators provided that it is an odd number.(2) Failing such determination, the number of arbitrators shall be three unless, in the case of an
Administered Arbitration, the arbitral institution considers it appropriate to have a sole arbitrator.
Article 14 - Appointment of arbitrators(1) No person shall be precluded by reason of his nationality from acting as an arbitrator, unless otherwise agreed by the parties.(2) The parties are free to agree on a procedure of appointing the arbitrator or arbitrators, subject to the provisions of paragraphs 14(4) and 14(5) of this Article.(3) Failing such agreement,(A) in an
Arbitrationwith three arbitrators, each party shall appoint one arbitrator, and the two arbitrators thus appointed shall appoint the third arbitrator; if a party fails to appoint the arbitrator within 30 days of receipt of a request to do so from the other party, or if the two arbitrators fail to agree on the third arbitrator within 30 days of their appointment, the appointment shall be made, upon request of a party, by the QFC Tribunal;(B) in an Arbitrationwith a sole arbitrator, if the parties are unable to agree on the arbitrator within 30 days of receipt of a request to do so from the other party, he shall be appointed, upon request of a party, by the QFC Tribunal.(4) Where, under an appointment procedure agreed upon by the parties,(A) a party fails to act as required under such procedure; or(B) the parties, or two arbitrators, are unable to reach an agreement expected of them under such procedure; or(C) a third party, including an arbitral institution, fails to perform any function entrusted to it under such procedureany party may request the QFC Tribunalto take the necessary measure, unless the agreement on the appointment procedure provides other means for securing the appointment.(5) A decision on a matter entrusted by paragraph 14(3) or 14(4) of this Article to the QFC Tribunalshall not be subject to appeal. The Court, in appointing an arbitrator, shall have due regard to any qualifications required of the arbitrator by the agreement of the parties and to such considerations as are likely to secure the appointment of an independent and impartial arbitrator and, in the case of a sole or third arbitrator, shall take into account as well the advisability of appointing an arbitrator of a nationality other than that of any party.
Article 15 - Grounds for challenge(1) When a person is approached in connection with his possible appointment as an arbitrator, he shall disclose any circumstances likely to give rise to justifiable doubts as to his impartiality or independence. An arbitrator, from the time of his appointment and throughout the arbitral proceedings, shall without delay disclose any such circumstances to the parties and any arbitral institution administering the
Arbitrationunless they have al been so informed by him.(2) An arbitrator may be challenged only if circumstances exist that give rise to justifiable doubts as to his impartiality or independence, or if he does not possess qualifications agreed to by the parties. A party may challenge an arbitrator appointed by him, or in whose appointment he has participated, only for reasons of which he becomes aware after the appointment has been made.
Article 16 - Challenge procedure(1) The parties are free to agree on a procedure for challenging an arbitrator, subject to the provisions of paragraph 16(3) of this Article.(2) Failing such agreement, a party who intends to challenge an arbitrator shall, within fifteen days after becoming aware of the constitution of the
Arbitral Panelor after becoming aware of any circumstance referred to in Article 15(2), send a written statement of the reasons for the challenge to the Arbitral Panel. Unless the challenged arbitrator withdraws from his office or the other party agrees to the challenge, the Arbitral Panelshall decide on the challenge.(3) If a challenge under any procedure agreed upon by the parties or under the procedure of paragraph 16(2) of this Article is not successful, the challenging party may request, within thirty days after having received notice of the decision rejecting the challenge, the QFC Tribunalto decide on the challenge, which decision shall be subject to no appeal; while such a request is pending, the Arbitral Panel, including the challenged arbitrator, may continue the arbitral proceedings and make an Award.
Article 17 - Failure or impossibility to act(1) If an arbitrator becomes as a matter of fact or law unable to perform his functions or for other reasons fails to act without undue delay, his mandate terminates if he withdraws from his office or if the parties agree on the termination. Otherwise, if a controversy remains concerning any of these grounds, any party may request the
QFC Tribunalto decide on the termination of the mandate, which decision shall be subject to no appeal.
Article 18 - Appointment of substitute arbitrator
Where the mandate of an arbitrator terminates under Articles 16 or 17 or because of his withdrawal from office for any other reason or because of the revocation of his mandate by agreement of the parties or in any other case of termination of his mandate, a substitute arbitrator shall be appointed according to the rules that were applicable to the appointment of the arbitrator being replaced, unless otherwise agreed by the parties.
Article 19 - Immunity of arbitrator
An arbitrator shall not be liable for anything done or omitted in the discharge or purported discharge of his functions as arbitrator unless the act or omission is shown to have been in bad faith.
Section 4: Section 4: Consolidation of Arbitration Proceedings
Article 20 - Consolidation or joinder of Arbitration proceedings
QFC Tribunal, on the application of the parties to two or more Arbitrationproceedings, may order:(1) the Arbitrationproceedings to be consolidated, on terms it considers just;(2) the Arbitrationproceedings to be heard at the same time, or one immediately after another; or(3) any of the Arbitrationproceedings to be stayed until after the determination of any other of them.
Section 5: Section 5: Jurisdiction of Arbitral Panel
Article 21 - Competence of Arbitral Panel to rule on its jurisdiction(1) The
Arbitral Panelmay rule on its own jurisdiction, including any objections with respect to the existence or validity of the Arbitration Agreement. For that purpose, an arbitration clause which forms part of a contract shall be treated as an agreement independent of the other terms of the contract. A decision by the Arbitral Panelthat the contract is null and void shall not by itself determine the invalidity of the arbitration clause.(2) A plea by a respondent or other party that the Arbitral Paneldoes not have jurisdiction shall be raised not later than the submission of his defence or, for another party, his first written statement in the Arbitration. A party is not precluded from raising such a plea by the fact that he has appointed, or participated in the appointment of, an arbitrator. A plea that the Arbitral Panelis exceeding the scope of its authority shall be raised as soon as the matter alleged to be beyond the scope of its authority is identified during the arbitral proceedings. The Arbitral Panelmay, in either case, admit a later plea if it considers the delay justified.(3) The Arbitral Panelmay rule on a plea referred to in paragraph 21(2) of this Article either as a preliminary question or in an Awardon the merits. If the Arbitral Panelrules as a preliminary question that it has jurisdiction, any party may request, within thirty days after having received notice of that ruling, the QFC Tribunalto decide the matter, which decision shall be subject to no appeal; while such a request is pending, the Arbitral Panelmay continue the arbitral proceedings and make an Award.
Article 22 - Power of Arbitral Panel to order interim measures(1) Unless otherwise agreed by the parties, the
Arbitral Panelmay, at the request of a party, grant interim measures of protection.(2) An interim measure of protection is any temporary measure whether in the form of an Awardor in another form by which, at any time prior to the issuance of the award by which the dispute is finally decided, the Arbitral Panelorders a party to:(A) maintain or restore the status quo pending determination of the dispute;(B) take action that would prevent, or refrain from taking action that is likely to cause, current or imminent harm, or to prejudice the arbitral process itself;(C) provide a means of preserving assets out of which a subsequent award may be satisfied; or(D) preserve evidence that may be relevant and material to the resolution of the dispute.(3) The party requesting the interim measure of protection shall satisfy the Arbitral Panelthat:(A) harm not adequately reparable by an award of damages is likely to result if the measure is not ordered, and such harm substantially outweighs the harm that is likely to result to the party against whom the measure is directed if the measure is granted; and(B) there is a reasonable possibility that the requesting party will succeed on the merits, provided that any determination on this possibility shall not affect the discretion of the Arbitral Panelin making any subsequent determination.(4) The Arbitral Panelmay require the requesting party or any other party to provide appropriate security in connection with such interim measure of protection.(5) The requesting party shall promptly make disclosure of any material change in the circumstances on the basis of which the party made the request for, or the Arbitral Panelgranted, the interim measure of protection.(6) The Arbitral Panelmay modify, suspend or terminate an interim measure of protection it has granted, at any time, upon application of any party or, in exceptional circumstances, on the Panel's own initiative, upon prior notice to the parties.(7) The requesting party shall be liable for any costs and damages caused by the interim measure of protection to the party against whom it is directed, if the Arbitral Panellater determines that, in the circumstances, the interim measure should not have been granted. The Arbitral Panelmay order an award of costs and damages at any point during the proceedings.
Article 23 - Recognition and enforcement of interim measures of protection(1) An interim measure of protection issued by an
Arbitral Panelshall be recognised as binding and, unless otherwise provided by the Arbitral Panel, enforced upon application to the QFC Tribunal, irrespective of the country in which it was issued, subject to the provisions of this Article.(2) The QFC Tribunalmay refuse to enforce an interim measure of protection, only:(A) at the request of the party against whom it is invoked, if the QFC Tribunalis satisfied that:(i) such refusal is warranted on the grounds set forth in Article 43(1)(A)(i), (ii), (iii) or (iv); or(ii) any requirement to provide appropriate security in connection with the interim measure issued by the Arbitral Panelhas not been complied with; or(iii) the interim measure has been terminated or suspended by the Arbitral Panelor, where so empowered, by the Courtof the state in which the Arbitrationtakes place or under the law of which that interim measure was granted; or(B) if the QFC Tribunalfinds that:(i) the interim measure is incompatible with the powers conferred upon the QFC Tribunal, unless the QFC Tribunaldecides to reformulate the interim measure to the extent necessary to adapt it to its own powers and procedures for the purposes of enforcing that interim measure and without modifying its substance; or(ii) any of the grounds set forth in Article 43(1)(B)(i) or (ii) apply to the enforcement of the interim measure.(3) Any determination made by the QFC Tribunalon any ground in paragraph 23(2) of this Article shall be effective only for the purposes of the application to recognise and enforce the interim measure of protection. The QFC Tribunalwhere recognition or enforcement is sought shall not, in exercising that power, undertake a review of the substance of the interim measure.(4) The party who is seeking or has obtained recognition or enforcement of an interim measure of protection shall promptly inform the QFC Tribunalof any termination, suspension or modification of that interim measure.(5) The QFC Tribunalwhere recognition or enforcement is sought may if it considers it proper require the requesting party to provide appropriate security, if the Arbitral Panelhas not al made a determination with respect to security, or where such a decision is necessary to protect the rights of third parties.
Section 6: Section 6: Conduct of Arbitral Proceedings
Article 24 - Equal treatment of parties
The parties shall be treated with equality and each party shall be given a full opportunity of presenting his case.
Article 25 - Determination of rules of procedure(1) Subject to the provisions of these
Regulations, the parties are free to agree on the procedure to be followed by the Arbitral Panelin conducting the proceedings.(2) Failing such agreement, the Arbitral Panelmay, subject to the provisions of these Regulations, conduct the Arbitrationin such manner as it considers appropriate. The power conferred upon the Arbitral Panelincludes the power to determine the admissibility, relevance, materiality and weight of any evidence.
Article 26 - Seat of Arbitration(1) The parties are free to agree on the
Seatof Arbitration. Failing such agreement, the Seatshall be determined by the Arbitral Panelor, in the case of an Administered Arbitration, the arbitral institution, having regard to the circumstances of the case, including the convenience of the parties.(2) Notwithstanding the provisions of paragraph 26(1) of this Article, the Arbitral Panelmay, unless otherwise agreed by the parties, meet at any place it considers appropriate for consultation among its members, for hearing witnesses, experts or the parties, or for inspection of goods, other property or documents relevant to the dispute.
Article 27 - Commencement of arbitral proceedings
Unless otherwise agreed by the parties, the arbitral proceedings in respect of a particular dispute commence on the date on which a request for that dispute to be referred to
Arbitrationis received by the respondent.
Article 28 - Language(1) The parties are free to agree on the language or languages to be used in the arbitral proceedings. Failing such agreement, the
Arbitral Panelshall determine the language or languages to be used in the proceedings. This agreement or determination, unless otherwise specified therein, shall thereafter apply to any written statement by a party, any hearing and any award, decision or other communication by the Arbitral Panel.(2) The Arbitral Panelmay order that any documentary evidence shall be accompanied by a translation into the language or languages agreed upon by the parties or determined by the Arbitral Panel.
Article 29 - Statements of claim and defence(1) Within the period of time agreed by the parties or determined by the
Arbitral Panel, the claimant shall state the facts supporting his claim, the points at issue and the relief or remedy sought, and the respondent shall state his defence in respect of these particulars, unless the parties have otherwise agreed as to the required elements of such statements. The parties may submit with their statements all documents they consider to be relevant or may add a reference to the documents or other evidence they will submit.(2) Unless otherwise agreed by the parties, either party may amend or supplement his claim or defence during the course of the arbitral proceedings, unless the Arbitral Panelconsiders it inappropriate to allow such amendment having regard to the delay in making it.
Article 30 - Hearings and written proceedings(1) Subject to any contrary agreement by the parties, the
Arbitral Panelshall decide whether to hold oral hearings for the presentation of evidence or for oral argument, or whether the proceedings shall be conducted on the basis of documents and other materials. However, unless the parties have agreed that no hearing shall be held, the Arbitral Panelshall hold such hearings at an appropriate stage of the proceedings, if so requested by a party.(2) The parties shall be given sufficient advance notice of any hearing and of any meeting of the Arbitral Panelfor the purposes of inspection of goods, other property or documents relevant to the dispute.(3) All statements, documents or other information supplied to the Arbitral Panelby one party shall be communicated to the other party. Also any expert report or evidentiary document on which the Arbitral Panelmay rely in making its decision shall be communicated to the parties.
Article 31 - Default of a party
Unless otherwise agreed by the parties, if, without showing sufficient cause:(1) the claimant fails to communicate his statement of claim in accordance with Article 29(1), the
Arbitral Panelmay terminate the proceedings;(2) the respondent fails to communicate his statement of defence in accordance with Article 29(1), the Arbitral Panelshall continue the proceedings without treating such failure in itself as an admission of the claimant's allegations; and(3) any party fails to appear at a hearing or to produce documentary evidence, the Arbitral Panelmay continue the proceedings and make the Awardon the evidence before it.
Article 32 - Expert appointed by Arbitral Panel(1) Unless otherwise agreed by the parties, the
Arbitral Panel:(A) may appoint one or more experts to report to it on specific issues to be determined by the Arbitral Panel; and(B) may require a party to give the expert any relevant information or to produce, or to provide access to, any relevant documents, goods or other property for his inspection.(2) Unless otherwise agreed by the parties, if a party so requests or if the Arbitral Panelconsiders it necessary, the expert shall, after delivery of his written or oral report, participate in a hearing where the parties have the opportunity to put questions to him and to present expert witnesses in order to testify on the points at issue.
Article 33 - Court assistance in taking evidence
Arbitral Panelor a party with the approval of the Arbitral Panelmay request from the QFC Tribunalassistance in taking evidence. The QFC Tribunalmay execute the request within its competence and according to its rules on taking evidence.
Section 7: Section 7: Making of Award and Termination of Proceedings
Article 34 - Rules applicable to substance of dispute(1) The
Arbitral Panelshall decide the dispute in accordance with such rules of law as are chosen by the parties as applicable to the substance of the dispute. Any designation of the law or legal system of a given state or jurisdiction shall be construed, unless otherwise expressed, as directly referring to the substantive law of that state or jurisdiction and not to its conflict of laws rules.(2) Failing any designation by the parties, the Arbitral Panelshall apply the law determined by the conflict of laws rules which it considers applicable.(3) The Arbitral Panelshall decide according to equity and good conscience only if the parties have expressly authorised it to do so, whether before or after the Arbitrationhas commenced.(4) In all cases, the Arbitral Panelshall decide in accordance with the terms of the contract and applicable law, and shall take into account the usages of the trade applicable to the transaction.
Article 35 - Decision making by panel of arbitrators
In arbitral proceedings with more than one arbitrator, any decision of the
Arbitral Panelshall be made, unless otherwise agreed by the parties, by a majority of all its members. However, questions of procedure may be decided by a presiding arbitrator, if so authorised by the parties or all members of the Arbitral Panel.
Article 36 - Settlement(1) If, during arbitral proceedings, the parties settle the dispute, the
Arbitral Panelshall terminate the proceedings and, if requested by the parties and not objected to by the Arbitral Panel, record the settlement in the form of an Awardon agreed terms.(2) An Awardon agreed terms shall be made in accordance with the provisions of Article 37 and shall state that it is an Award. Such an Awardhas the same status and effect as any other Awardon the merits of the case.
Article 37 - Form and contents of Award(1) The
Awardshall be made in writing and shall be signed by the arbitrator or arbitrators. In arbitral proceedings with more than one arbitrator, the signatures of the majority of all members of the Arbitral Panelshall suffice, provided that the reason for any omitted signature is stated.(2) The Awardshall state the reasons upon which it is based, unless the parties have agreed that no reasons are to be given or the Awardis an Awardon agreed terms under Article 36.(3) The Awardshall state its date and the Seatof Arbitrationas determined in accordance with Article 26(1). The Awardshall be deemed to have been made at the Seat.(4) After the Awardis made, a copy signed by the arbitrators in accordance with paragraph 37(1) of this Article shall be delivered to each party.
Article 38 - Costs of proceedings and interest
Unless the parties to an
Arbitration Agreementhave (whether in the agreement or in any other document in writing) otherwise agreed, an Arbitral Panelmay in making an Award:(1) direct to whom, by whom, and in what manner, the whole or any part of the costs that it awards shall be paid;(2) fix the amount of costs to be paid or any part of those costs; and(3) award interest on any sums it directs to be paid.
Article 39 - Termination of proceedings(1) The arbitral proceedings are terminated by the final
Awardor by an order of the Arbitral Panelin accordance with paragraph 39(2) of this Article.(2) The Arbitral Panelshall issue an order for the termination of the arbitral proceedings when:(A) the claimant withdraws his claim, unless the respondent objects thereto and the Arbitral Panelrecognises a legitimate interest on his part in obtaining a final settlement of the dispute;(B) the parties agree on the termination of the proceedings; or(C) the Arbitral Panelfinds that the continuation of the proceedings has for any other reason become unnecessary or impossible.
Article 40 - Correction and interpretation of Award; additional Award(1) Within 30 days of receipt of the
Award, unless another period of time has been agreed upon by the parties:(A) a party, with notice to the other party, may request the Arbitral Panelto correct in the Awardany errors in computation, any clerical or typographical errors or any errors of similar nature; and(B) if so agreed by the parties, a party, with notice to the other party, may request the Arbitral Panelto give an interpretation of a specific point or part of the Award.If the Arbitral Panelconsiders the request to be justified, it shall make the correction or give the interpretation within thirty days of receipt of the request. The interpretation shall form part of the Award.(2) The Arbitral Panelmay correct any error of the type referred to in paragraph 40(1)(A) of this Article on its own initiative within 30 days of the date of the Award.(3) Unless otherwise agreed by the parties or in respect of an agreed Awardmade under Article 36, a party, with notice to the other party, may request, within 30 days of receipt of the Award, the Arbitral Panelto make an additional Awardas to claims presented in the arbitral proceedings but omitted from the Award. If the Arbitral Panelconsiders the request to be justified, it shall make the additional Awardwithin 60 days.(4) The Arbitral Panelmay extend, if necessary, the period of time within which it shall make a correction, interpretation or an additional Awardunder paragraph 40(1) or 40(3) of this Article.(5) The provisions of Article 37 shall apply to a correction or interpretation of the Awardor to an additional Award.
Section 8: Section 8: Recourse Against Award
Article 41 - Application for setting aside as exclusive recourse against Award(1) Recourse to the
QFC Tribunalagainst an Awardmay be made only by an application for setting aside in accordance with paragraphs 41(2) and 41(3) of this Article. Such application may only be made to the QFC Tribunal.(2) An Awardmay be set aside by the QFC Tribunalonly if:(A) the party making the application furnishes proof that:(i) a party to the Arbitration Agreementwas under some incapacity; or the said agreement is not valid under the law to which the parties have subjected it or, failing any indication thereon, under the law of the QFC;(ii) the party making the application was not given proper notice of the appointment of an arbitrator or of the arbitral proceedings or was otherwise unable to present his case;(iii) the Awarddeals with a dispute not contemplated by or not falling within the terms of the submission to Arbitration, or contains decisions on matters beyond the scope of the submission to Arbitration, provided that, if the decisions on matters submitted to Arbitrationcan be separated from those not so submitted, only that part of the Awardwhich contains decisions on matters not submitted to Arbitrationmay be set aside; or(iv) the composition of the Arbitral Panelor the arbitral procedure was not in accordance with the agreement of the parties, unless such agreement was in conflict with a provision of these Regulationsfrom which the parties cannot derogate, or, failing such agreement, was not in accordance with these Regulations; or(B) if the QFC Tribunalfinds that:(i) the subject-matter of the dispute is not capable of settlement by Arbitrationunder QFC Law; or(ii) the Awardis not in the interest of the QFC.(3) Except as set out herein, an application for setting aside may not be made after three months have elapsed from the date on which the party making that application had received the Awardor, if a request had been made under Article 40, from the date on which that request had been disposed of by the Arbitral Panel. The time limit set out above shall not apply to an application to the QFC Tribunalto have an Awardset aside on the grounds that the Awardis in conflict with the public policy of the QFC.(4) The QFC Tribunal, when asked to set aside an Award, may, where appropriate and so requested by a party, suspend the setting-aside proceedings for a period of time determined by it in order to give the Arbitral Panelan opportunity to resume the arbitral proceedings or to take such other action as in the Arbitral Panel'sopinion will eliminate the grounds for setting aside.