Section 55Part 9 — AWARD
Law applicable to substance of dispute
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55. (1) The arbitral tribunal shall decide a dispute in accordance with the law chosen by the parties as applicable to the substance of the dispute.
If or to the extent that the parties have not chosen the law applicable to the substance of their dispute or where the law chosen cannot apply to the substance of the dispute, the arbitral tribunal shall apply the law determined by the conflict of laws rules which it considers applicable.
The arbitral tribunal may decide the dispute, if the parties agree, in accordance with such other considerations as are agreed by them or determined by the tribunal.
When making a decision in relation to a dispute, the arbitral tribunal shall have regard to —
the provisions of any contract relating to the substance of the dispute;
the normal commercial or trade usage of any undefined terms in the provisions of any contract;
any established commercial or trade customs or practices relevant to the substance of the dispute; and
any other matter which the parties agree is relevant in the circumstances.