"Arbitration; All disputes, controversies or differences which may arise between the parties, out of or in relation to or in connection with this Contract or for the breach thereof, shall be finally settled by arbitration in Seoul, Korea in accordance with the Commercial Arbitration Rules of the Korean Commercial Arbitration Board. The mead rendered by the arbitrator(s) shall be final and binding upon both parties concerned"
(b) According to the order placed by the Defendant, the Requestor, on Jan. 9 '10, caused supplies worth USD 134,748.25 shipped to the vessel of the shipping company designated by the Defendant, followed by another supplies worth USD 75,114.50 on Jan. 13 '10 and the other supplies worth USD 58,480 on Jan. 15 '10 shipped to the same vessel to conclude shipment of Aloe Vera Drink products (hereinafter referred to as the 'Product in Question') worth USD 268,342.75 (hereinafter referred to as the 'Amount in Question').
[Ground of Recognition: Undisputable Fact]
(c) According to the foregoing fact, the Defendant should have settled the payment worth USD 268,342.75 to the Requester on Apr. 25 '10, the evident EIGHTY NINETH calendar date from Jan. 15 '10, remaining unpaid as of this date,
(d) The Defendant, as provided for in the Objective Request hereunder, recognizes its liability to recompense the Requestor in relation to the contract in question and permits setting the amount liable off with the accounts receivable from the Requestor for the rest to be paid according to the Objective Request hereunder as demanded by it.
[Ground of Recognition: (Undisputable Fact and Documentary Evidences Eul-3-2 ~ 4)
[Grounds Taken: Documentary Evidence Eul-3-5 and Test Report issued by from the Korea Analysis Research Institute on Apr. 3 '12]
[Ground Taken Documentary Evidences Eul-4 ~6]
(Grounds Taken: Documentary Evidences Eul-9-l~4 and Eul 12)