【正文】
execution and settlement ofdisputes in respect of, this contract shall be governed by the relevantlaws of the People’’s Republic of China. Chapter 20 Settlement of Disputes Article 48 Any disputes arising from the execution of, or in connection with, thecontract shall be settled through friendly consultations between bothparties. In case no settlement can be reached through consultations, thedisputes shall be submitted to the Foreign Economic and Trade ArbitrationCommission of the China Council for the Promotion of International Tradefor arbitration in accordance with its rules of procedure. The arbitralaward is final and binding upon both parties. Article 49 During the arbitration, the contract shall be observed and enforced byboth parties except for the matters in dispute. Chapter 21 Language Article 50 The contract shall be written in Chinese and in ____________. Bothlanguage versions are equally authentic. In the event of any discrepancybetween the two aforementioned versions, the Chinese version