The arbitral tribunal shall decide the dispute—
in accordance with the law chosen by the parties as applicable to the substance of the dispute, or
if the parties so agree, in accordance with such other considerations as are agreed by them or determined by the tribunal.
For this purpose the choice of the laws of a country shall be understood to refer to the substantive laws of that country and not its conflict of laws rules.
If or to the extent that there is no such choice or agreement, the tribunal shall apply the law determined by the conflict of laws rules which it considers applicable.