for Reference to two Arbitrators
Agreement made on the
between AB, etc., of the one part AND CD, etc. of
the other part.
the parties aforesaid have been carrying on the business as partners in the
name and style of.
under a partnership deed dated
Where as each party has contributed to the capital of the partnership RS
has been sharing the profit and loss of the partnership in equal shares;
Where as the business in the partnership has been carried on for the last
Where as disputes and difference have arisen between the parties hereto
rendering it impossible to carry on the business in the partnership; and
Whereas the parties have agreed to refer the following matters for the decision
of two arbitrators, namely M/s
amount of profit and loss as per the books of account of the partnership;
liability of the parties to pay the amounts on settlement of accounts; and
of the date on which the partnership shall be deemed to be dissolved.
is hereby Agreed as follows:
arbitrators shall enter upon the reference and decide the aforesaid matters.
arbitrators shall make their award within three months after entering upon the
reference or after having been called on to act by notice in writing from any
party to the submission, or on or before any later day to which the arbitrators
by any writing signed by them may from time to time enlarge the time in making
aforesaid two arbitrators shall have the power to appoint an Umpire at any time
of the period during which they have to make the award.
the arbitrators agree among themselves then their unanimous decision shall
award and will be binding on the parties. If the arbitrators do no agree, then
the umpire shall make his award within one month, after the original or
extended time appointed for making the award of the arbitrators has expired, or
on before any later day to which the Umpire by any writing signed by him, may
from time to time enlarge the time for making the award and in that case the
decision of the Umpire shall be binding on the parties.
arbitrators may proceed ex parte in case the either party fails to appear after
agreement shall remain effective and enforceable against the legal
representatives of either party in case of death.
arbitrators may appoint an accountant for examining the account of the party if
they think necessary and the remuneration of the accountant as determined by
the arbitrators shall be the costs in the reference to be paid by the parties
as the arbitrators may direct in their award.
case the arbitrators award that any sum is due from one party to the other,
then the party to whom the said sum is awarded may apply to the court for having
a decree passed in terms of the award and may realise the amount in execution
of the decree from the other party.
provisions of the Indian Arbitration & Conciliation Act, 1996, shall apply
to this reference.
costs of this reference shall be in the discretion of the arbitrators.
Witness Whereof the parties hereto have signed this agreement on the day and
year first written above.