for Reference to Arbitration between Partners
Agreement made the day
between A of
..(partner No.1) AND B
..(partner No.2) AND C of
as disputes have arisen between the aforesaid partners in connection with the
affairs of the partnership which the said partners have not been able to adjust
as the partners have agreed to refer the said disputes to the arbitration of
one sole arbitration (or three arbitrators one to be appointed by each
partners) whose award shall be final and binding on the said partners, and
as the partners have agreed that accounts of the partnership shall be properly
scrutinized, rendered and settled between the said partners and the partnership
to be dissolved from such date as he arbitrator (or arbitrators) shall deem
is hereby Agreed between the abovementioned partners as follows:
.shall be the sole arbitrator.
..has been appointed as an arbitrator on his behalf by partner No.1 and
has been appointed as an arbitrator by partner No.2 and partner No.3
has appointed Shri
..as an arbitrator on his behalf.
the arbitrator (or arbitrators) shall take into their possession the books and
documents of the partnership and shall be responsible for the safe custody
the arbitrator (or arbitrators) shall record and keep the minutes of the
proceedings of arbitration and take notes of evidence of such witnesses as may
be produced by any of the parties to this agreement or which the arbitrator or
arbitrators shall deem fit to examine and such evidence shall taken on oath.
arbitrator (or arbitrators) shall be entitled to appoint or obtain the services
of an accountant or munim or such other persons as may be well-versed in
examining accounts of the partnership and shall also be entitled to take
opinion of counsel on any matter arising in the course of proceedings.
cost of the partners and their witnesses attending the arbitration proceedings
and award shall be paid out of the partnership assets unless the arbitrator (or
arbitrators) shall be of the opinion that costs have been wantonly and
unnecessarily incurred by or on behalf of a partner wishing to delay
proceedings or causing loss to the partnership.
Witness Whereof the partners aforesaid have signed this agreement of reference
is token of acceptance thereof.
Partner No. 3