Non-PRO English to Spanish Law/Patents consortium agreement

If at any time any difference of dispute between the parties arises in connection with this Agreement or any contract arising therefrom which cannot be settled by mutual agreement shall be referred to the arbitration of a single arbitrator in London, England to be agreed upon between the Parties or in default of agreement for fourteen (14) days to be appointed at the request of either party by the President for the time being of the Institute of Arbitrators London in accordance with and subject to the provision of the Arbitration Act 1996 or any statutory modification or re-enactment thereof for the time being in force.