Arbitral Award by Three Arbitrators (India) by OLL
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ARBITRAL AWARD BY THREE ARBITRATORS: PARTNERSHIP DIFFERENCES
In the Matter of an Arbitration between [parties]
THIS IS THE AWARD of us _____________________________ [insert the name, address etc. of first arbitrator], ________________________________ [insert the name, address etc. of second arbitrator] and _________________________________ [insert the name, address etc. of third arbitrator] made the _________ day of _____.
WHEREAS:
By an agreement in writing dated the _______ day of _______ and made between [four partners] all of ________ in the county of ________ trading together in co-partnership under the style or name of __________ after reciting that the parties thereto had since the year ________, carried on the trade or business of ________ at ________ aforesaid under the provisions of articles of partnership dated the ________ day of _________ and made between the parties thereto and that it had been agreed between the parties thereto that the said [first partner] and [second partner] should retire from the said business and that disputes and differences had arisen between the parties thereto in respect of the partnership and the accounts thereof and certain alleged breaches or non-observance by the parties thereto of the provisions of the said articles of partnership and as to the terms of the dissolution and of the mode of payment to the retiring partners and the security to be given for their shares in the capital and as to the terms of the dissolution and of the mode of payment to the retiring partners and the security to be given for their shares in the capital and as to the several deeds assurances and instruments to be executed by the parties thereto and the contents thereof it was agreed that all matters in difference between the said parties and all questions arising out of or in any way relating to the partnership hitherto existing between the parties or as to the dissolution thereof should be referred to the award of the said [first arbitrator] [second arbitrator] and [third arbitrator].
The said three arbitrators have entered upon the said reference and have agreed upon their award as hereinafter appears.
NOW BE IT KNOWN that the said [first arbitrator] [second arbitrator] and [third arbitrator] hereby find and award as follows that is to say:
Certain breaches of the partnership articles have been committed by the individual partners but except as mentioned in clause 2 hereof no damage has thereby resulted to the firm or to the individual partners and the other partners have lost their remedy (if any) in respect thereof through delay and acquiescence. ?
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This template provides a formal structure for an arbitral award issued by three arbitrators to resolve disputes arising from a partnership dissolution. It covers the distribution of assets, settlement of liabilities, retirement of partners, and the payment for shares including goodwill and stock-in-trade.
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About this template
What is this template?
This is a formal arbitral award issued by a tribunal to finalize a dispute over partnership dissolution and the valuation of firm assets. It is not an agreement between partners but a binding decision that dictates specific Rupee amounts for buyouts and restricts the competitive activities of retiring members.
When should you use it?
Use this template when an arbitration tribunal has been appointed to settle differences between four partners and must issue a final written decision. Use a Partnership Dissolution Agreement instead if the partners have already reached a mutual settlement without an arbitrator's intervention.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Breaches and Damages | Findings on partnership article breaches where no damage resulted except for specific losses caused by unauthorized credit sales. |
| 4 | Account of Assets and Liabilities | Records the specific Rupee value of goodwill, stock, and liabilities to determine the net balance divisible among the partners. |
| 5 | Payment to Retiring Partners | Obliges continuing partners to pay the retiring partners their shares in four equal instalments with a specified interest rate percentage. |
| 7 | Option to Purchase Premises | Grants the continuing partners a five-year option to purchase the business premises from the first partner for a fixed price. |
| 8 | Restrictive Covenant | Prevents retiring partners from engaging in the same business within a specified mileage radius of the firm's location. |
| 11 | Settlement of Documents | Appoints a barrister to settle the terms of any required deeds or instruments if the parties cannot agree on their form. |
Who it's for
- a three-arbitrator tribunal issuing a final decision on a partnership dispute involving retiring partners
- partners in an Indian firm needing to formalize the financial settlement and dissolution of their joint business
- continuing partners seeking to secure goodwill and assets from retiring partners following an arbitral reference
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