Form
of Agreement for Reference to Three Arbitrators
This
deed of agreement made on this _________, 2000 between:
1. Shri
PL, aged about ___ years s/o Shri SS r/o ___________________, Delhi,
hereinafter called the 1st party.
2. Shri
KL, aged about ___ years s/o Shri SS r/o _________________, hereinafter called
the 2nd party.
3. Shri
CL, aged about ___ years s/o Shri SS r/o _____________, hereinafter called the
3rd party.
Whereas
the above parties are carrying on business of general
merchandise
in partnership under name and style M/s. __________________, at
_______________ since ________, 2000.
a. And
whereas share profit or loss in the firm is : 1st party 50%, 2nd party 30% and
3rd party 20%.
b. And
whereas all the three parties are active partners in the partnership business.
c. And
whereas some disputes have arisen among the parties above named and it has
become impossible to carry on business under partnership
d. And
whereas the parties hereto have agreed to refer the matter to the arbitration
mentioned here under :
i
Mr.
PK s/o Mr. KP, r/o _________________ .
ii
Mr.
PK s/o Mr. RP, r/o __________________, and
iii
Mr.
SK, s/o Mr. JN r/o ___________________.
Now this
Agreement Witnesses as Under:
1.
The
arbitrators are entitled to decide and determine the following matter of
disputes, which are referred to them for final determination and award.
a. To
determine the position of assets and liabilities of the firm.
b. To
prepare the list of sundry debtors and creditors
c. To
divide the assets and liabilities according to the share of the parties.
1.
2. That
the arbitrators shall enter upon the reference with effect from ___________ and
shall deliver their award within 4 months.
3. That
the award given by the arbitrators shall be final and binding on the
arbitrators.
4. That
the award of the arbitrators shall be final and binding on heirs, legal
representatives and assignees of the parties in case of death of any of the
party during the course of arbitration proceedings.
5. That
Mr. RN, the 1st arbitrator shall be the President of the arbitration tribunal
who will arrange the sitting for arbitration proceedings.
6. In
case of difference of opinion between the arbitrators , the decision of the
majority shall be final.
7. The
arbitrators shall fix up the date of hearing and issue notices to the parties
for appearance.
8.
That
if the parties do not turn up on the date fixed for hearing, the arbitration
will proceed ex-parte.
9. That
this agreement shall be binding on the legal representatives, heirs, and
assignees in case of death of any of the parties.
10. If
the arbitrators think it proper, they shall appoint an accountant for
preparation and finalisation of accounts on fixed remuneration and shall
include the remuneration in the cost of arbitration award.
11. If
the arbitrators award that any sum is due against any party, then that party
may file a suit in the proper Court and obtain a decree in terms of award and
shall realize the same from the party against whom the sum is due.
12. That
save the matter provided in this deed, the provision of the Indian Arbitration
& Conciliation Act, 1996 shall apply to this reference.
13. That
it shall be the discretion of the arbitrators to fix the cost of reference.
The
above named parties do hereby agree to all the terms and conditions stated
above without any duress, or undue influence and after fully understanding the
terms of this deed of arbitration, do hereby put our hands on this ___________,
2000, in the presence of following witnesses:
1.
Name........................ Signature...................
Address.................... 1st
party...................
2. Name........................ Signature...................
Address.................... 2nd
party...................
1.
2.
3. Name........................
Signature...................
Address.................... 3rd
party..................
