Tianjin Arbitration Commission ("TAC") is the only arbitral institution established in Tianjin on the 28th day of September 1995 under the Arbitration Law of the People's Republic of China by which economic disputes are arbitrated, composed of experts and very important people from such circles as law, economy and trade. TAC settles by arbitration contract-related disputes and other disputes over property rights and interests by and between citizens, legal persons and other organizations of equal legal status in an independent, impartial, fair and timely manner. Based upon an arbitration agreement entered into by the parties and a written request for arbitration by one party, TAC will hold arbitration proceedings on disputes over economy, technology, real estate transaction, IPR, product liability, construction projects, transportation and communications, banking, futures, securities, economy and trade with foreign interests, maritime and admiralty. In response to autonomy of the disputed parties in arbitration, the parties may severally select an arbitrator from the panel of arbitrators or authorize TAC Chairman to appoint an arbitrator for them and on their behalf to form an arbitral tribunal for arbitration proceedings. To protect lawful rights and interests of the parties, TAC settles economic disputes impartially and reasonably on the basis of facts, in accordance with applicable laws and with reference to international practice. The system applies that the first arbitration by TAC shall be final. Arbitration is an expeditious, timely consensual dispute resolution process and an arbitral award rendered is binding and enforceable. Settlement by arbitration for disputes is timely, confidential, flexible and cost-effective. The model arbitration clause by TAC is "Any dispute arising in the performance of this contract or in connection therewith shall be settled by the parties through negotiations. Should such efforts fail, the dispute may be referred to Tianjin Arbitration Commission for settlement by arbitration.