FORMAT OF AGREEMENT FOR REFERENCE TO TWO
ARBITRATORS
Format 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.
10.
On the arbitration
award, if any sum is due on any of the parties, then the party in whose favour
the award is granted, may apply to the Court for a decree upon the award and
for extension thereof.
11.
That except the matter
provided in this agreement, the provisions of the Arbitration Act shall apply.
12.
That it shall be the
discretion of the arbitrators to fix the cost of this reference.
The abovenamed parties do hereby agree to all
the terms and conditions stated above without any duress, coercion or undue
influence and after fully understanding the terms of this deed of arbitration
and bind ourselves, our heirs, assignees and legal representatives, and hereby
put our hands on this __________, 2000 in the presence of the following
witnesses:
Witnesses:
1.
Name……………..
1.Signature………… 1st
party
Address…………..
2.
Name……………..
2.Signature………… 2nd
party
Address…………..
3.
Name……………..
3.Signature………… 3rd
party
Address…………….
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