Any dispute arising from, or in connection with the Agreement shall be first settled through friendly negotiation by both Parties. In case no settlement to disputes can be reached through amicable negation by both Parties, the disputes shall then be submitted to Hong Kong International Arbitration Center (HKIAC) for arbitration in accordance with its Arbitration Rules in force at the time of application for arbitration. The arbitration shall proceed in Hong Kong. The arbitral award is final and binding upon both Parties.