Parties to a particular dispute may at any time agree to refer the dispute to arbitration. The parties retain control over the establishment of the arbitral tribunal and the appointment of its members, its terms of reference, its rules of procedure, the applicable law1, and the legal effect of the award to be rendered, including whether it will be subject to interpretation, revision, appeal, or nullification. This will be stipulated in the arbitration agreement or compromise, which creates the tribunal and limits its jurisdiction. In case the parties have not provided for an eventuality, the tribunal will decide under
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