Form of Agreement for Reference to Three Arbitrators (India) by OLL
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Form of Agreement for Reference to Three Arbitrators
This deed of agreement made on this _________, 2000 between:
1. Shri PL, aged about ___ years s/o Shri SS r/o ___________________, Delhi, hereinafter called the 1st party.
2. Shri KL, aged about ___ years s/o Shri SS r/o _________________, hereinafter called the 2nd party.
3. Shri CL, aged about ___ years s/o Shri SS r/o _____________, hereinafter called the 3rd party.
Whereas the above parties are carrying on business of general
merchandise in partnership under name and style M/s. __________________, at _______________ since ________, 2000.
a. And whereas share profit or loss in the firm is : 1st party 50%, 2nd party 30% and 3rd party 20%.
b. And whereas all the three parties are active partners in the partnership business.
c. And whereas some disputes have arisen among the parties above named and it has become impossible to carry on business under partnership
d. And whereas the parties hereto have agreed to refer the matter to the arbitration mentioned here under :
i Mr. PK s/o Mr. KP, r/o _________________ .
ii Mr. PK s/o Mr. RP, r/o __________________, and
iii Mr. SK, s/o Mr. JN r/o ___________________.
Now this Agreement Witnesses as Under:
1. The arbitrators are entitled to decide and determine the following matter of disputes, which are referred to them for final determination and award.
a. To determine the position of assets and liabilities of the firm.
b. To prepare the list of sundry debtors and creditors
c. To divide the assets and liabilities according to the share of the parties.
2. That the arbitrators shall enter upon the reference with effect from ___________ and shall deliver their award within 4 months.
3. That the award given by the arbitrators shall be final and binding on the arbitrators.
4. That the award of the arbitrators shall be final and binding on heirs, legal representatives and assignees of the parties in case of death of any of the party during the course of arbitration proceedings.
5. That Mr. RN, the 1st arbitrator shall be the President of the arbitration tribunal who will arrange the sitting for arbitration proceedings.
6. In case of difference of opinion between the arbitrators , the decision of the majority shall be final.
7. The arbitrators shall fix up the date of hearing and issue notices to the parties for appearance.
8. That if the parties do not turn up on the date fixed for hearing, the arbitration will proceed ex-parte.
9. That this agreement shall be binding on the legal representatives, heirs, and assignees in case of death of any of the parties.
10. If the arbitrators think it proper, they shall appoint an accountant for preparation and finalisation of accounts on fixed remuneration and shall include the remuneration in the cost of arbitration award.
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This is a legal template for a partnership dispute resolution agreement used to refer conflicts between business partners to a panel of three arbitrators. It outlines the scope of the arbitrators' authority, including the valuation of assets, settlement of liabilities, and the binding nature of the final award under Indian law.
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About this template
What is this template?
This document is a formal submission to arbitration for three partners carrying on a general merchandise business. It is not a standard partnership agreement, but rather a post-dispute agreement that appoints three named individuals to settle the firm's accounts. It specifically includes provisions for ex-parte proceedings and the appointment of an external accountant.
When should you use it?
Use this when a three-way partnership in India has reached a deadlock and the parties agree to settle the firm's liabilities through a private tribunal rather than litigation. If you only have two partners or wish to use a single arbitrator, use a standard Submission to Sole Arbitrator instead.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Matters of Dispute | Authorizes arbitrators to determine assets and liabilities, list sundry debtors and creditors, and divide firm assets according to party shares. |
| 2 | Time Limit for Award | Requires the arbitrators to enter upon the reference on a specific date and deliver their final award within 4 months. |
| 3 | Finality and Binding Effect | Establishes that the award given by the arbitrators is final and legally binding upon all three parties. |
| 6 | Majority Decision | Provides that if the three arbitrators differ in opinion, the decision of the majority shall prevail as final. |
| 8 | Ex-parte Proceedings | Permits the arbitration to proceed in the absence of a party if they fail to appear on the fixed hearing date. |
| 10 | Appointment of Accountant | Grants arbitrators the power to appoint an accountant for finalisation of accounts at a fixed remuneration included in the award costs. |
| 12 | Governing Law | Mandates that the provisions of the Indian Arbitration & Conciliation Act, 1996 apply to all matters not expressly provided in the deed. |
Who it's for
- partners in an Indian firm holding 50%, 30%, and 20% shares seeking to resolve dissolution disputes
- business partners who have found it impossible to carry on business and wish to appoint three specific arbitrators
- legal representatives of partners who require the arbitration award to remain binding after a party's death
How long it runs and how it's signed
Law it's drafted under
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