IMC recommends to all parties desirous of resolving their contractual disputes by seeking an amicable settlement in accordance with ‘Rules of Conciliation of Indian Merchants’ Chamber, the use of the following conciliation clause in their contract :

“Any dispute or difference whatsoever arising between the parties out of or relating to this contract or construction, meaning, scope, implementation, operation or effect of this contract or the validity or the breach thereof shall be referred to Conciliation for amicable settlement in accordance with the Rules of Conciliation of the Indian Merchants’ Chamber and if not satisfactorily resolved in conciliation shall be referred to Arbitration in accordance with the Rules of Arbitration of the Indian Merchants’ Chamber and the Award made in pursuance thereof shall be final and binding on the parties.”