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44.1

If any difference or dispute shall arise between an insured owner and the club out of or in connection with these rules, or any contract between them, or as to the rights or obligations of the club or the insured owner thereunder, or in connection therewith, such difference or dispute shall in the first instance be referred to and considered by the board.

44.2

If the insured owner concerned in such difference or dispute does not accept the decision of the board, it shall be referred to and finally resolved by arbitration in Singapore in accordance with the Singapore International Arbitration Act (Chapter 143A) and any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this clause. The arbitration shall be conducted in accordance with the Arbitration Rules of the Singapore Chamber of Maritime Arbitration current at the time when the arbitration proceedings are commenced, which rules are deemed to be incorporated by reference in this rule.

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