Open Joint Stock Company Gazprom

14.8 Contracts (Rights of Third Parties) Act 1999A person who is not a party to this Agreement has no right under the Contracts (Rights of ThirdParties) Act 1999 to enforce any term of this Agreement.14.9 Choice of LawThis Agreement shall be governed by, and construed in accordance with, the laws of England.14.10 Jurisdiction14.10.1 For the exclusive benefit of the other party, each of Gazprom and the Bank herebyirrevocably agrees that the courts of England shall have jurisdiction to settle any disputeswhich may arise out of or in connection with this Agreement and that accordingly anysuit, action or proceeding (collectively, "Proceedings") arising out of or in connectionwith this Agreement may be brought in such courts.14.10.2 Each of the parties irrevocably waives any objection which it may now or hereafter haveto the laying of the venue of any Proceedings in any such court referred to in this Clause14 and any claim that any such Proceedings have been brought in an inconvenient forumand further irrevocably agrees that a final and conclusive judgment in any Proceedingsbrought in the English courts with competent jurisdiction shall be conclusive and bindingand may be enforced in the courts of any other jurisdiction.14.10.3 Nothing contained in this Agreement shall limit the right of any party to take Proceedingsagainst another party in any other court of competent jurisdiction to the extent permittedby any applicable law, nor shall the taking of Proceedings in connection with thisAgreement in one or more jurisdictions preclude the taking of Proceedings in any otherjurisdiction or in any other court of competent jurisdiction in connection with thisAgreement to the extent by any applicable law.14.10.4 Gazprom hereby agrees that, at the option of the Bank, any dispute, controversy, claimor cause of action brought by any party against another party or arising out of or relatingto this Loan Agreement may be settled by arbitration in accordance with the Rules of theLondon Court of International Arbitration, which rules are deemed to be incorporated byreference into this clause. The place of arbitration shall be London, England and thelanguage of the arbitration shall be English. The number of arbitrators shall be three,each of whom shall be disinterested in the dispute or controversy, shall have noconnection with any party thereto and shall be an attorney experienced in internationalsecurities transactions. Each party shall nominate an arbitrator, who, in turn, shallnominate the Chairman of the Tribunal. If a dispute, claim controversy or cause of actionshall involve more than two parties, the parties thereto shall attempt to align themselvesin two sides (i.e. claimant and respondent) each of which shall appoint an arbitrator as ifthere were only two sides to such dispute, claim controversy or cause of action. If suchalignment and appointment shall not have occurred within twenty (20) calendar daysafter the initiating party serves the arbitration demand or if a Chairman has not beenselected within thirty (30) calendar days of the selection of the second arbitrator, theArbitration Court of the London Court of International Arbitration shall appoint the threearbitrators or the Chairman, as the case may be. The parties and the Arbitration Courtmay appoint arbitrators from among the nationals of any country, whether or not a partyis a national of that country. The arbitrators shall have no authority to award punitive orother punitive type damages and may not, in any event, make any ruling, finding or awardthat does not conform to the terms and conditions of this Agreement.Fees of the arbitration (excluding each party's preparation, travel, attorneys' fees andsimilar costs) shall be borne in accordance with the decision of the arbitrators. Thedecision of the arbitrators shall be final, binding and enforceable upon the parties andjudgment upon any award rendered by the arbitrators may be entered in any court havingjurisdiction thereof. In the event that the failure of a party to comply with the decision of78