Form
of Agreement for Reference to Two Arbitrators
This
deed of agreement made on this ___________, 2000 between:
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: -
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................
