"Any and all disputes arising out of or in connection with this contract, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration seated in Singapore in accordance with the Arbitration Rules of the Singapore Chamber of Maritime Arbitration ("SCMA Rules") current at the commencement of the arbitration, which rules are deemed to be incorporated by reference in this clause".
NOTE: Under the 4th Edition of the SCMA Rules, in cases where the aggregate amount of claims and counterclaims is equal to or less than USD 300,000 (or such other sum as may be agreed) the arbitration shall be conducted in accordance with the SCMA Expedited Procedure. Where the parties wish to exclude the application of the SCMA Expedited Procedure (Rule 44), the following clause should be added to the SCMA Arbitration Clause above:
"The SCMA Expedited Procedure shall be excluded from applying to the arbitration."