Agreement
for Reference to Arbitration between Partners
An
Agreement made the day..........of............between A of........(partner No.1) AND B
of.................(partner No.2) AND C of.......(partner No.3)
Where
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
mutually, and
Where
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
Where
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
fit.
Now it
is hereby Agreed between the abovementioned partners as follows:
1. That
Shri..............................................shall be the sole arbitrator.
OR
That
Shri..............has been appointed as an arbitrator on his behalf by partner No.1 and
Shri..................has been appointed as an arbitrator by partner No.2 and partner No.3
has appointed Shri.................as an arbitrator on his behalf.
1.
2. That
the arbitrator (or arbitrators) shall take into their possession the books and
documents of the partnership and shall be responsible for the safe custody
thereof.
3. That
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.
4. The
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.
5. The
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.
In
Witness Whereof the partners aforesaid have signed this agreement of reference
is token of acceptance thereof.
Witness
Partner No.1....................
Witness
Partner No.2..................
Witness
Partner No. 3................
