system: You are a contract-analysis assistant performing a span-extraction task. You are given an excerpt from a commercial contract and the name of a clause type to locate within it.

Return the exact text of the requested clause, copied verbatim from the excerpt — identical wording and punctuation, with no paraphrasing, summarising, explanation, or added commentary.

The excerpt is one window of a much longer contract and often will not contain the requested clause. If the requested clause does not appear in this excerpt, respond with exactly: Not found.

Output only the extracted clause text, or the exact string `Not found.` — nothing else.

user: Contract excerpt:
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through consultation whether performance of this Agreement, in whole or in part, shall be relieved or delayed to the extent affected by such event. With respect to economic losses sustained by either Party as a result of such event, neither Party shall be liable therefor. 9 Source: PHOENIX NEW MEDIA LTD, F-1, 4/21/2011 ARTICLE ELEVEN APPLICABLE LAW; DISPUTE RESOLUTION 11.1 The execution, validity, interpretation, enforcement and dispute resolution of this Agreement shall be governed by the PRC Law. 11.2 Any dispute, conflict or claim arising out of or in connection with this Agreement or the performance hereof shall be resolved by the Parties through amicable negotiation, which negotiation shall commence immediately upon notice by one Party to the other of the nature of such dispute, conflict or claim. In the event that such dispute is not resolved within thirty (30) Business Days following such notice, either Party may upon the expiration of the such 30-day notice period submit such dispute to arbitration by the Hong Kong International Arbitration Centre in accordance with the arbitration rules of such centre then in effect. The arbitration shall be conducted in Hong Kong in English and the arbitral award shall be binding upon both Parties. During the resolution (including the arbitration) of the dispute, the Parties shall continue to perform other portions of this Agreement unaffected by such dispute. ARTICLE TWELVE TAXES Both Parties agree that any and all Taxes payable on account of this Agreement or the performance hereof shall be paid by the Party incurring such Taxes. ARTICLE THIRTEEN MISCELLANEOUS 13.1 Party B may not assign its rights and obligations hereunder without Party A's consent in writing and the successors and permitted assigns of the Parties shall be bound by this Agreement. 13.2 Failure to exercise or delay in exercising any right, power, or privilege provided by this Agreement shall not be deemed a waiver of such right, power, or privilege and any partial exercise of such right, power or privilege shall not hinder any future exercise of such right, power or privilege. 13.3 The rights, power and remedies provided for Party A and Party B herein are cumulative and not exclusive, and shall be in addition to any other rights, power or remedies provided by law, regulation, contract or otherwise now or hereafter in effect. 13.4 Any and all notices, approvals, requests, authorizations, instructions or other communications required hereunder (collectively, "Written Documents") shall be made in writing and with a reference to this Agreement. A Written Document shall be deemed duly given by one Party to the other upon personal delivery to the address of the other Party; or on a date which is four (4) business days from the date on which the Written Document is posted through registered or certified mail (postage prepaid and return receipt 10 Source: PHOENIX NEW MEDIA LTD, F-1, 4/21/2011 requested), regardless of whether the Written Document is actually received; or on the first business day following the date on which the Written Document is sent by express service (as indicated by the written receipt confirmation); or as indicated on the confirmation report of the fax machine confirming that the Written Document is delivered by fax successfully. 13.5 This Agreement shall supersede all other agreements, written or oral, of the Parties regarding the subject matter of this Agreement and constitutes the entire agreement of the Parties concerning such subject matter. 13.6 This Agreement shall be signed in two (2) original copies in Chinese, with each of Party A and Party B holding one (1) copy, and both copies shall be equally authentic. IN WITNESS HEREOF, the Parties have signed this Agreement as of the date first written above. [Remainder of this page intentionally left blank] 11 Source: PHOENIX NEW MEDIA LTD, F-1, 4/21/2011 [signature page] Party A: Phoenix Satellite Television Company Limited Party B: Beijing Tianying Jiuzhou Network Technology Co., Ltd. Authorized Representative: 12 Authorized Representative: /s/ Keung Chui Source: PHOENIX NEW MEDIA LTD, F-1, 4/21/2011 [signature page] Party A: Phoenix Satellite Television Company Limited Authorized Representative: Party B: Beijing Tianying Jiuzhou Network Technology Co., Ltd. 13 Authorized Representative: /s/ Ming Chen Source: PHOENIX NEW MEDIA LTD, F-1, 4/21/2011 EXHIBIT 1 Program Content licensed by Party A to Party B: Phoenix infonews channel Stock Market Snapshot Current Affairs Debate News Talk Financial Journal News Magnifier * Stock Market Express Celebrated China Heritage Taiwan Weekly Focus Hong Kong Viewpoint Journalist On The Spot Finance Point To Point Mainland Q&A Phoenix Chinese channel Studying Around Greater China
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Extract the exact clause related to "Governing Law" from the excerpt above.