Arbitral Award by Three Arbitrators (India)
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.
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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