16. Article

Governing Law; Dispute Resolution 16.1 This Agreement shall be governed by, and construed in accordance with, the laws of the Republic of Latvia. 16.2 The Parties shall use their best endeavours to settle any dispute, controversy or claim arising out of, or in relation to this Agreement, including its validity, invalidity, breach or termination in an amicable manner. Any such dispute, controversy or claim not resolved in accordance with the previous sentence within a reasonable period of time, shall be submitted to mediation in accordance with the Swiss Rules of Commercial Mediation of the Swiss Chambers of Commerce in force on the date when the request for mediation was submitted in accordance with the Swiss Rules of Commercial Mediation. The seat of the mediation shall be Geneva, Switzerland, although the meetings may be held in another place mutually agreed upon by the Parties. The mediation proceedings shall be conducted in English. If such a dispute, controversy or claim has not been fully resolved by mediation within 2 (two) months, it shall be settled by arbitration in accordance with the Swiss Rules of International Arbitration of the Swiss Chambers of Commerce in force on the date when the notice of arbitration was submitted in accordance with the Swiss Rules of International Arbitration. The number of arbitrators shall be 3 (three), the seat of the arbitration shall be in Geneva, Switzerland, the arbitral proceedings shall be conducted in English.