CHINA MARITIME ARBITRATION COMMISSION (CMAC) AND TOKYO MARITIME ARBITRATION COMMISSION (TOMAC) OF THE JAPAN SHIPPING EXCHANGE INC. (the "Parties")
In order to promptly resolve the disputes arising from the transportation by sea between China and Japan, protect the legitimate rights and interests of the parties concerned, and promote the development of industry of maritime commerce and economy and trade, after friendly negotiation, the Parties have entered into the following cooperation agreement on the basis of equality and mutual benefit.
The Parties shall support and encourage the natural persons and legal persons who are engaged in Sino-Japan economic and trade activities and carriage of goods by sea in their efforts to resolve commercial disputes in a friendly way, i.e. by conciliation and arbitration. Each Party to this Agreement shall, if the commercial parties in its own country wish to have arbitration conducted by the arbitration body/bodies in the other country, provide the information and materials of the said body/bodies. Each Party to this Agreement shall also provide necessary assistance to the arbitration body/bodies of the other country if the latter conducts an oral hearing in its country.
The Parties may recommend arbitrators to each other. The arbitrators recommended shall meet the qualification requirements imposed by the relevant arbitration body/bodies and will become the formal arbitrators upon approval.
The Parties, when necessary, may send delegations to each other for exchange of arbitration theory and practice.
At the request of one Party, the other Party to this Agreement shall provide the information and materials concerning recognition and enforcement of arbitral awards in its country in accordance with the United Nations Convention of 1958 on Recognition and Enforcement of Foreign Arbitral Awards.
The Parties shall exchange with each other the information and materials on commercial and maritime legislation as well as the activities of the relevant arbitration body/bodies in their respective countries.
The Parties shall make a wider use of their respective potentials in international commercial and maritime arbitration with an aim of increasing cooperation in that field.
The Parties shall provide each other, upon request, facilities or administrative service necessary for conducting arbitrations; the costs incurred shall be borne by the Party who makes the request.
This Agreement is done in Tokyo on the 24th Day of December, 2002, in two authentic copies in the English language.
The former cooperative agreement signed by both Parties in Beijing on 9 December 1978 shall be terminated automatically once this Agreement comes into force.
In witness thereof, the authorized representatives of the Parties have appended their signatures to this Agreement.
Signed Signed
Vice Chairman of Chairman of
China Maritime Arbitration Tokyo Maritime Arbitration
Commission Commission