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I don't know how well advised saying "No legal mumbo jumbo" then immediately using the latin phrase "ex aequo et bono" is.

Ha, good point. Ex aequo et bono is the legal mumbo jumbo term to say no legal mumbo jumbo :)

Yeah, but what does it mean?

It translates as "based on fairness and equity", i.e. the arbitrator applies equity principles (contract law) instead of a specific local law.