ARBITRATION AGREEMENT
Whereas this agreement made and entered on this——————- day of ______ between M/s _________ a company incorporated under the Companies Act 2013 having its registered office at _________________and M/s__________ a Company incorporated under the Companies Act 2013 having its registered office at ______
Whereas M/s ______ has been carrying business of ________along with M/s______from the past _______ years
Whereas disputes have arisen between the parties in respect of the following matters, rendering it impossible to carry on the business together.
(list out the disputes or differences)
Whereas the parties agree to refer the above matter for Arbitration for obtaining the arbitral award.
NOW IT IS HEREBY AGREED AS FOLLOWS
- M/s ______appoints Mr._______ as Arbitrator and M/s______ appoints Mr. ______as Arbitrator
- The above two Arbitrators have the power to appoint an Umpire during the period of arbitration before making the arbitral award
- The place of the arbitration proceeding shall be at_________(name of the place)
- The time limit for arbitration shall be as per the provisions of the Arbitration and Conciliation Act 1996
- The provisions of the Arbitration and Conciliation Act 1996 shall apply to the extent, which is not inconsistent or repugnant, to this reference for arbitration.
- The arbitrators may appoint any specialized person for verifying the accounts of the parties or any other purpose, subject to the approval of the parties.
- The parties herto agree that they would furnish all evidences not limited to documents, records, digital information for arbitration.
- The arbitrators may proceed exparte if either of the parties absents after serving reasonable notice for appearance.
- The death or any incapacity of the arbitrators does not affect the arbitration proceedings, and parties can appoint a substitute.
- The unanimous decision of the arbitrators shall be binding on the parties and in cases of differences the decision shall be based on the opinion of the umpire.
- The cost of the arbitration shall be in the discretion of the arbitrators
IN WHITNESS WHEREOF the parties hereto have signed this agreement on _______day of __________(month and year) at __________(place)
PARTIES
- M/s
- M/s
WITNESSES