"All disputes, controversies or differences which may arise between the parties, out of, relating to or in connection with this contract shall be finally settled by arbitration. The place of arbitration shall be the country in which the respondent has its place of business. In case the respondent is a Bulgarian physical or legal person, the arbitration shall be held at the Court of Arbitration at the Bulgarian Chamber of Commerce and Industry under the Rules thereof. In case the respondent is a Korean physical or legal person, the arbitration shall be held at the Korean Commercial Arbitration Board under the Commercial Arbitration Rules thereof. The award to be rendered shall be final and binding upon both parties."