16. pants

Governing

Law; Dispute Resolution

16.1 This Agreement shall be

governed by, and construed in accordance with, the laws of the

Republic of Latvia.

16.2 The Parties shall use their

best endeavours to settle any dispute, controversy or claim

arising out of, or in relation to this Agreement, including its

validity, invalidity, breach or termination in an amicable

manner. Any such dispute, controversy or claim not resolved in

accordance with the previous sentence within a reasonable period

of time, shall be submitted to mediation in accordance with the

Swiss Rules of Commercial Mediation of the Swiss Chambers of

Commerce in force on the date when the request for mediation was

submitted in accordance with the Swiss Rules of Commercial

Mediation. The seat of the mediation shall be Geneva,

Switzerland, although the meetings may be held in another place

mutually agreed upon by the Parties. The mediation

proceedings shall be conducted in English. If such a dispute,

controversy or claim has not been fully resolved by mediation

within 2 (two) months, it shall be settled by arbitration in

accordance with the Swiss Rules of International Arbitration of

the Swiss Chambers of Commerce in force on the date when the

notice of arbitration was submitted in accordance with the Swiss

Rules of International Arbitration. The number of arbitrators

shall be 3 (three), the seat of the arbitration shall be in

Geneva, Switzerland, the arbitral proceedings shall be conducted

in English.