Form of Agreement for Reference to Two Arbitrators (India) by OLL
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Form of Agreement for Reference to Two Arbitrators
This deed of agreement made on this ___________, 2000 between:
1. SN, aged about ___ years, r/o ______________________, hereinafter called the 1st party.
2. PK aged, about ___ years s/o Mr. GC r/o ________________, hereinafter called the 2nd party.
3. RK aged about 25 years s/o Mr. GC r/o __________________, hereinafter called the 3rd party.
Where as first, second and third parties have been carrying on business of sales and purchase of electrical goods at _______________________ in partnership under name and style _____________________ since ____________.
and Where as all the three parties have invested equal capital at the start of the business.
and Where as all the three parties have equal share of profit and loss in partnership business,
and Where as difference have arisen between the parties and now it has become impossible to carry on the business under the partnership.
and Where as the parties aforesaid have agreed to refer the matters hereunder to two arbitrators namely Mr. PK s/o Mr. RP r/o ___________________ and Mr. GL s/o Mr. SL r/o ____________________ for their decision.
Now This Deed of Arbitration Witnesses As Under: -
1. That the profit and loss account of the partnership business shall be prepared under the supervision of arbitrators aforesaid.
2. That the liabilities to pay the dues of the creditors by the parties shall be settled by the arbitrators on settlement of the account.
3. That the arbitrators shall decide the date on which the partnership firm shall be deemed to be dissolved.
4. That the arbitrators shall decide the matter within 4 months. But in case the matter is not decided within 4 month the time to make the award shall be extended by mutual consent of the parties.
5. That the arbitrators are entitled to appoint an umpire, when they require during the period in which they are required to make the arbitration award.
6. That if the arbitrators agree among themselves on the matter of dispute, then their award shall be final. If they differ on the matters, then umpire shall decide the matter and the award by umpire shall be binding on the parties.
7. The arbitrators shall issue notice to the parties for appearance to clear the position of dispute and produce evidences which they think proper. But if the parties do not appear, the arbitrators shall decide the matter ex-parte.
8. This deed of agreement shall be binding on the legal representatives, assignee and heir of the parties, in case of death of either party.
9. The arbitrators may, if they deem it necessary, appoint an account for finalisation of the accounts and shall fix the remuneration of the accountant which shall be included in the cost of the arbitrators fee.
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This template is a formal agreement used to refer disputes arising from a partnership business to two arbitrators for resolution. It outlines the process for settling accounts, determining liabilities, and establishing the dissolution of the partnership when internal disagreements have made continued operations impossible.
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About this template
What is this template?
This document is a formal submission to arbitration for the winding up of a partnership. It is not a standard commercial arbitration clause for future disputes; it is a standalone agreement for current disputes that names specific arbitrators and includes provisions for an umpire and an accountant.
When should you use it?
Use this when partners have already decided to dissolve their business and wish to use private arbitration instead of a court-supervised winding up. Use a Partnership Dissolution Deed instead if the parties have already agreed on the distribution of assets without a third-party decision-maker.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Preparation of Accounts | Requires the profit and loss account of the partnership business to be prepared under the supervision of the two named arbitrators. |
| 2 | Settlement of Liabilities | Empowers the arbitrators to settle how parties will pay dues to creditors once the account is settled. |
| 4 | Time for Decision | Obliges the arbitrators to decide the matter within 4 months unless the parties mutually consent to an extension. |
| 5 | Appointment of Umpire | Permits the arbitrators to appoint an umpire to resolve matters if the two primary arbitrators differ in their decisions. |
| 7 | Ex-parte Decisions | Allows arbitrators to decide matters ex-parte if parties fail to appear after receiving a notice for appearance. |
| 10 | Court Decree | Permits a party in whose favour the award is granted to apply to the Court for a decree upon the award. |
Who it's for
- partners in an Indian electrical goods business wishing to dissolve their partnership through arbitration
- business partners who have reached an impasse and agreed to refer disputes to two specific individuals
How long it runs and how it's signed
Law it's drafted under
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