J: I think our contract is not comprehensive. It still lacks the most important article.
W: Let me have a look. Do you mean the arbitration clause?
J: Exactly. The arbitration c l a use is important for both of us. When we can't reach an agreement in case of the dispute, It helps us to get fair and reasonable solution.
正是。仲裁条款对我们双方来说都是很重要 的。在争执不能达成一致时，它有助于我们 的纠纷得到合理公正的解决。
W: But in my ten years of business life, I haven't met one situation which needed arbitration institution. Do you think this is a must?
J: Isn't there a phrase in China which says “We are afraid of 10,000 but one risk”？ I think It is quite right. Writing this in the contract is not harmful to any party.
W: Well, we will do just as you said. Where shall we locate the arbitration institution, in our country or your country?
J: Neither is good.In order to make the arbitration results fair, unbiased and impartiality, I consider it is the best to set it in the third country.
W: Good. We will set it in South Korea, which is not far from any of our country.
J: That is a good idea. The referee's award on the dispute is final and binding on the both sides. Another thing to be mentioned is that the losing party shall bear all the arbitration fee.
W: That's for sure. I'm glad we finally come to an agreement on the term. Let's have a rest.