Arbitration Agreement
among Members of H.U.F.,
This agreement made
on this __________, 2000 at ____________ between:
1.
Mr.
KC aged about ___ years s/o Mr. JN r/o ________________, hereinafter called the
1st party.
2.
Mr.
PC aged about ___ years s/o Mr. KC r/o ________________, hereinafter called the
2nd party.
3.
Mr.
JL aged about ___ years s/o Mr. KC r/o ________________, hereinafter called the
3rd party.
4.
Km.
KV aged about ___ years d/o Mr. KC r/o _______________, hereinafter called the
4th party.
5.
Mr.
JN aged about ___ years s/o Mr. KC r/o ________________, hereinafter called the
5th party.
Whereas the above
parties are members if a Joint Hindu family and has joint assets and business. And
whereas differences have arisen among the parties in connection with their
rights in assets and business. And whereas the parties are not agreed in
connection with division of assets and business.
And whereas parties
have named also claim regarding acquiring of certain properties out of their
personal resources, which are not to be divided.
And whereas parties
have agreed to refer the matters to two arbitrators namely:
i.
Mr.
PK aged about ___ years s/o Mr. JN r/o _________________, and
ii.
Mr.
KL, aged about ___ years s/o Mr. JK, r/o _________________.
NOW THIS AGREEMENT
WITNESSES AS UDNER:-
1.
That
arbitrators shall decide the value of the joint family property and shall
determine the division of the same among the members.
2.
That
the arbitrators shall determine the assets and shall determine the value of the
goodwill of the business and shall distribute the same among the parties.
3.
That
the arbitrators shall divide the business and family property among the parties
in the manner they decide.
4.
That
the arbitrators shall determine the share of unmarried daughter, which shall
be given to 1st party for safe custody and give her after her marriage.
5.
The
arbitrate shall be entitled to award compensation in money form one party to
another in order to equalize the share.
6.
That
the arbitrators shall be entitled to sell the property, which is not divisible
and distribute the sale proceed among the parties.
7.
The
arbitrators shall also be entitled to partition any of the joint family
property, build the structure or demolish any of them as they may think fit.
8.
That
the arbitrators, may issue notices in writing, mentioning the date and place
of hearing, on which date the parties are bound to attend for providing
evidences in connection with their claims.
9.
That
the arbitrators shall be entitled to appoint an accountant for accounting
purposes, whose remuneration shall be included in the arbitrators fee, which
they will charge.
10.
That
the arbitrator’s award shall be final and binding on all the parties, their
successors, assignees and legal representatives.
11.
If
the arbitrators differ, they will appoint an umpire whose decision shall be
find.
The above named and
parties do hereby agree to all the terms and conditions mentioned above without
any duress, coercion or undue influences and after fully understanding the
terms and conditions of this deed of arbitration and bind ourselves, our heirs,
assignees and legal representatives , and do hereby put our hands on this
___________, 2000 in the presence of the following witnesses:
Witnesses:
Name.............1st
party..................
Address.........
Name.............2nd
party..................
Address.........
Name.............3rd
party...................
Address.........
Name.............4th
party...................
Address.........
Name.............5th
party...................
Address.........
