Article 34 - Rules applicable to substance of dispute

(1) The Arbitral Panel shall 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 Panel shall apply the law determined by the conflict of laws rules which it considers applicable.
(3) The Arbitral Panel shall decide according to equity and good conscience only if the parties have expressly authorised it to do so, whether before or after the Arbitration has commenced.
(4) In all cases, the Arbitral Panel shall 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.