This Agreement shall be governed and construed in accordance with the laws of the State of New York without regard to principles of conflicts of law. Each party hereby irrevocably submits to the jurisdiction of any New York state court or any federal court in the State of New York in respect of any suit, action or proceeding arising out of or relating to this Agreement, and irrevocably accept for themselves and in respect of their property, generally and unconditionally, the jurisdiction of the aforesaid courts.