The second step: selection of the arbitrator

·Each of the parties shall appoint one arbitrator from among the Panel of Arbitrators of the Arbitration Commission or entrust the Chairman of the Arbitration Commission to make such appointment within 15 days from the date of receipt of the Notice of Arbitration. The presiding arbitrator shall be jointly appointed by the parties. In case the both parties fail to jointly appoint or fail to jointly entrust the Chairman of the Arbitration Commission to appoint a presiding arbitrator within 15 days from the date on which the Respondent receives the Notice of Arbitration, the presiding arbitrator shall be appointed by the Chairman of the Arbitration Commission.

·Under Summary Procedure, both parties shall jointly appoint or jointly entrust the Chairman of the Arbitration Commission to appoint one sole arbitrator within 10 days from the date on which the Respondent receives the Notice of Arbitration. Should the parties fail to make such appointment or entrustment within the time limit, one sole arbitrator shall be appointed by the Chairman of the Arbitration Commission to form the Arbitral Tribunal.