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13. Settlement of Disputes

13. Settlement of Disputes :

(1) If any dispute arises, in respect of any matter contained in the privatization agreement entered into between
Government of Nepal and the party participating in the privatization, such dispute shall be resolved through mutual consultation among concerned parties.
(2) If the dispute is not resolved pursuant to Sub-Section (1), such dispute, with the consent of both parties, may be referred to arbitration. The arbitration for resolving the dispute shall be conducted in accordance with
existing laws relating to arbitration or the Rules of Arbitration of the United Nations commission on International Trade Law (UNCITRAL).

(3) The venue of arbitration shall be Kathmandu and prevailing laws of the Kingdom of Nepal shall be applied in the process of arbitration.

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