Agreement for Reference to Two Arbitrators (India) by OLL
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Agreement for Reference to two Arbitrators
This Agreement made on the…day of…between AB, etc., of the one part AND CD, etc. of the other part.
Whereas the parties aforesaid have been carrying on the business as partners in the name and style of. …at…under a partnership deed dated……….;
And Where as each party has contributed to the capital of the partnership RS…and has been sharing the profit and loss of the partnership in equal shares;
And Where as the business in the partnership has been carried on for the last …years,
And Where as disputes and difference have arisen between the parties hereto rendering it impossible to carry on the business in the partnership; and
And Whereas the parties have agreed to refer the following matters for the decision of two arbitrators, namely M/s……………. and……………………
1. The amount of profit and loss as per the books of account of the partnership;
2. The liability of the parties to pay the amounts on settlement of accounts; and
3. Fixation of the date on which the partnership shall be deemed to be dissolved.
Now it is hereby Agreed as follows:
1. The arbitrators shall enter upon the reference and decide the aforesaid matters.
2. The arbitrators shall make their award within three months after entering upon the reference or after having been called on to act by notice in writing from any party to the submission, or on or before any later day to which the arbitrators by any writing signed by them may from time to time enlarge the time in making the award.
3. The aforesaid two arbitrators shall have the power to appoint an Umpire at any time of the period during which they have to make the award.
4. If the arbitrators agree among themselves then their unanimous decision shall award and will be binding on the parties. If the arbitrators do no agree, then the umpire shall make his award within one month, after the original or extended time appointed for making the award of the arbitrators has expired, or on before any later day to which the Umpire by any writing signed by him, may from time to time enlarge the time for making the award and in that case the decision of the Umpire shall be binding on the parties.
5. The arbitrators may proceed ex parte in case the either party fails to appear after reasonable notice.
6. This agreement shall remain effective and enforceable against the legal representatives of either party in case of death.
7. The arbitrators may appoint an accountant for examining the account of the party if they think necessary and the remuneration of the accountant as determined by the arbitrators shall be the costs in the reference to be paid by the parties as the arbitrators may direct in their award.
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This template is a formal agreement to refer partnership disputes to two arbitrators for resolution. It covers the determination of profits, losses, liabilities, and the official dissolution date of the partnership, while including provisions for appointing an umpire and legal enforceability.
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About this template
What is this template?
This is a submission agreement specifically designed for partners to refer existing disputes to two named arbitrators and a potential Umpire. It is not a general arbitration clause for a future dispute, but a targeted instrument for settling accounts and dissolving a partnership. It contains specific provisions for the appointment of an accountant and the conversion of an award into a court decree.
When should you use it?
Use this document when a partnership relationship has broken down and the partners wish to avoid litigation by having two experts settle their financial accounts. If you only have one arbitrator in mind, use a Reference to a Sole Arbitrator instead.
What's inside
| Clause | Name | What it does |
|---|---|---|
| Recitals | Matters for Decision | Defines the scope of arbitration as profit and loss calculation, party liabilities, and the specific date the partnership is deemed dissolved. |
| 2 | Time for Award | Requires arbitrators to issue an award within three months of entering the reference unless they formally extend the deadline in writing. |
| 3 | Appointment of Umpire | Grants the two arbitrators power to appoint an Umpire who will decide the matter if the arbitrators cannot reach a unanimous decision. |
| 5 | Ex Parte Proceedings | Permits the arbitrators to proceed with the case and issue a decision even if one party fails to attend after notice. |
| 7 | Appointment of Accountant | Authorises arbitrators to hire an accountant to examine partnership books, with the cost treated as part of the arbitration expenses. |
| 8 | Enforcement of Award | Allows the prevailing party to apply for a court decree to execute the award and recover sums due from the other party. |
Who it's for
- partners in an Indian partnership seeking to resolve profit and loss disputes through two appointed arbitrators
- business owners needing a binding determination on the exact date of their partnership's dissolution
- legal representatives of a deceased partner who must continue arbitration proceedings regarding partnership liabilities
How long it runs and how it's signed
Law it's drafted under
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