Arbitration Agreement Between Three Partners (India) by OLL
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Arbitration Agreement between Three Partners
This Agreement made at ... this ... day of... between Mr. A of the One Part Mr. B of the Second Part and Mr. C of the Third Part.
whereas the parties hereto have been carrying on business in partnership under a Deed of Partnership dated ... entered into by the parties hereto and in the name of M/s X Y Z & Co.
And Whereas disputes and differences have arisen between the parties regarding the management of the business of the partnership accounts and the legality of certain transactions entered into.
and Whereas one of the partners has given notice of dissolution of the partnership, the validity of which is disputed by the others.
and Whereas each of the parties in terms of the arbitration clause contained in the said Deed of Partnership has appointed an arbitrator being Mr. D. Mr. E and Mr. F.
and Whereas the parties have agreed to enter into a separate submission paper or Arbitration agreement in the manner following:
Now It Is Agreed Between The Parties hereto as Follows:
1. The parties hereto agree to refer to the said three Arbitrators M/s. D, E and F all their disputes and differences 'inter se' touching the business of the said partnership, its properties and accounts and arising out of or in connection with the said Deed of Partnership and without prejudice to the generality of this clause, to decide the following questions:-
a. To decide whether the notice of dissolution given by one partner Mr. A is valid if so, the date of dissolution and If not to decide whether the other parties are entitled to continue the said business without the said Mr. A and to decide the date of his retirement.
b. In the event of the arbitrator holding that the partnership is dissolved, to divide and partition the moveable and immovable assets of the Firm among the parties according to their respective rights under the Deed of Partnership with power to the Arbitrator to sell any part of the said assets for equitable distribution among the parties.
c. To take accounts of the partnership for the last three years that is from ... to ... and to ascertain the amount payable by one to the other or others If any.
d. To make provisions for payment of debts and liabilities of the Firm including Income-tax liabilities.
2. he Arbitrators shall direct the parties to file statements of their respective claims, legal submissions and reliefs claimed and each party to file his statement of defence in reply to the statements of claims of others.
3. The Arbitrators shall allow the parties to produce documents in support of their claims.
4. The Arbitrators shall direct the books of account and other papers of the Firm to be produced before them and arrange for their safe custody. The Arbitrators will have power to appoint a qualified accountant to inspect the accounts and to draw a balance sheet,.
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This template is a formal arbitration agreement designed for three business partners who have encountered disputes regarding their partnership's management and potential dissolution. It outlines the process for referring these conflicts to a panel of three arbitrators who will decide on matters such as the validity of a dissolution notice, the division of assets, and the settlement of firm liabilities.
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About this template
What is this template?
This is a formal submission agreement where three partners agree to refer specific, existing disputes to a panel of three arbitrators. It is not a general partnership deed or a standard arbitration clause for future disputes; it is an instrument for an active dispute. It specifically includes powers for arbitrators to appoint accountants and decide on dissolution dates.
When should you use it?
Use this when three partners have already reached a deadlock regarding management or dissolution and need a formal document to empower their chosen arbitrators. Use a Deed of Dissolution instead if the parties already agree on how to split assets without a third-party decision.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Reference to Arbitration | The three Partners refer all disputes 'inter se' regarding partnership properties and accounts to three named Arbitrators. |
| 1(a)-1(d) | Scope of Questions | Arbitrators must decide the validity of a dissolution notice and take accounts for the period of the last three years. |
| 4 | Appointment of Accountant | The Arbitrators have the power to appoint a qualified accountant to inspect the partnership books and draw a balance sheet. |
| 7 | Majority Decision | If the three Arbitrators disagree, the decision of the majority prevails and is binding on the three Partners. |
| 9 | Time Limit for Award | The Arbitrators must deliver their award within four months of entering the reference, unless all parties consent in writing to an extension. |
| 12 | Governing Law | The arbitration proceedings are expressly governed by the Arbitration & Conciliation Act, 1996. |
Who it's for
- three business partners in India who have already appointed individual arbitrators under an existing deed
- partners disputing the validity of a dissolution notice given by one member
- a firm requiring a formal submission agreement to partition assets and settle three years of accounts
How long it runs and how it's signed
Law it's drafted under
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