Any dispute arising out of or relating to this Undertaking shall be exclusively referred to and finally settled by arbitration before a panel consisting of three (3) members appointed and conducting proceedings in Singapore, or such other place as the parties may agree in writing, in accordance with the arbitration rules of the UNCITRAL in effect as of the date of this Undertaking. The proceedings shall be conducted in English. Any award rendered in such arbitration proceedings shall be final and binding upon the parties and enforceable by any court having jurisdiction for that purpose.