Arbitration Agreement Among Members of a HUF (India) by OLL
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Arbitration agreement among members of H.U.F.
This agreement made on this __________, 2000 at ____________ between:
1. Mr. KC aged about ___ years s/o Mr. JN r/o ________________, hereinafter called the 1st party.
2. Mr. PC aged about ___ years s/o Mr. KC r/o ________________, hereinafter called the 2nd party.
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3. Mr. JL aged about ___ years s/o Mr. KC r/o ________________, hereinafter called the 3rd party.
4. Km. KV aged about ___ years d/o Mr. KC r/o _______________, hereinafter called the 4th party.
5. Mr. JN aged about ___ years s/o Mr. KC r/o ________________, hereinafter called the 5th party.
Whereas the above parties are members if a Joint Hindu family and has joint assets and business.
And whereas differences have arisen among the parties in
connection with their rights in assets and business.
And whereas the parties are not agreed in connection with division of assets and business.
And whereas parties have named also claim regarding acquiring of certain properties out of their personal resources, which are not to be divided.
And whereas parties have agreed to refer the matters to two arbitrators namely:
(i) Mr. PK aged about ___ years s/o Mr. JN r/o _________________, and
(ii) Mr. KL, aged about ___ years s/o Mr. JK, r/o _________________.
NOW THIS AGREEMENT WITNESSES AS UDNER :-
1. That arbitrators shall decide the value of the joint family property and shall determine the division of the same among the members.
2. That the arbitrators shall determine the assets and shall determine the value of the goodwill of the business and shall distribute the same among the parties.
3. That the arbitrators shall divide the business and family property among the parties in the manner they decide.
4. That the arbitrators shall determine the share of unmarried daughter, which shall be given to 1st party for safe custody and give her after her marriage.
5. The arbitrate shall be entitled to award compensation in money form one party to another in order to equalize the share.
6. That the arbitrators shall be entitled to sell the property, which is not divisible and distribute the sale proceed among the parties.
7. The arbitrators shall also be entitled to partition any of the joint family property, build the structure or demolish any of them as they may think fit.
8. That the arbitrators, may issue notices in writing, mentioning the date and place of hearing, on which date the parties are bound to attend for providing evidences in connection with their claims.
9. That the arbitrators shall be entitled to appoint an accountant for accounting purposes, whose remuneration shall be included in the arbitrators fee, which they will charge.
10. That the arbitrator’s award shall be final and binding on all the parties, their successors, assignees and legal representatives.
11. If the arbitrators differ, they will appoint an umpire whose decision shall be find.
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This template is a formal agreement among members of a Hindu Undivided Family (HUF) to resolve disputes regarding the division of joint family assets and business interests through arbitration. It empowers appointed arbitrators to value assets, determine shares, and make binding decisions on the partition of property, including provisions for unmarried family members.
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About this template
What is this template?
This is a specialized arbitration submission agreement specifically for the partition of a Hindu Undivided Family (HUF). It is not a standard commercial arbitration clause; it includes specific provisions for valuing business goodwill, handling unmarried daughters' shares, and demolishing or building structures to facilitate partition.
When should you use it?
Use this document when members of an HUF agree to resolve internal property disputes through a private panel of two arbitrators rather than through a court-filed partition suit. Use a standard Partition Deed instead if the parties have already agreed on the division and do not need a third party to decide the shares.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Division of Property | The arbitrators determine the value of all joint family property and decide on the specific division among the family members. |
| 2 | Goodwill and Business Distribution | Arbitrators must value the goodwill of the family business and distribute these business assets among the parties. |
| 4 | Daughter's Share | Arbitrators determine the share for an unmarried daughter, which the 1st party holds in safe custody until her marriage. |
| 5 | Equalization of Shares | The arbitrators may award monetary compensation from one party to another to equalize the value of partitioned shares. |
| 6 | Indivisible Property | The arbitrators are authorized to sell any property that cannot be physically divided and distribute the cash proceeds. |
| 9 | Appointment of Accountant | Arbitrators may hire an accountant whose fees are included in the overall arbitration costs charged to the family. |
| 11 | Umpire Appointment | If the two named arbitrators cannot reach a consensus, they must appoint an umpire to make a final decision. |
Who it's for
- members of a Hindu Undivided Family needing to partition joint business assets and personal properties
- family members who have disagreed on the division of personal resources versus joint family property
- an HUF where one member is an unmarried daughter requiring a trust arrangement for her future share
How long it runs and how it's signed
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