What is the common governing law?
Frequency/market practice: It is common to have Dutch law if the target is in the Netherlands.
Is litigation or arbitration more common? If arbitration, where?
Frequency/market practice: 50/50
Arbitration is a contract-based form of binding dispute resolution. If the contracting parties select arbitration as the designated dispute resolution, the arbitration agreement will generally be part of the document recording the terms of the commercial transaction. The arbitration agreement will also include the "venue" of arbitration. This refers to the physical location where the arbitral tribunal hears witnesses and experts of the parties.