Arbitration
Agreement between Three Partners
This
Agreement made at ... this ... day of... between Mr. A of the One Part Mr. B of
the Second Part and Mr. C of the Third Part.
whereas
the parties hereto have been carrying on business in partnership under a Deed
of Partnership dated ... entered into by the parties hereto and in the name of
M/s X Y Z & Co.
And
Whereas disputes and differences have arisen between the parties regarding the
management of the business of the partnership accounts and the legality of
certain transactions entered into.
and
Whereas one of the partners has given notice of dissolution of the partnership,
the validity of which is disputed by the others.
and
Whereas each of the parties in terms of the arbitration clause contained in the
said Deed of Partnership has appointed an arbitrator being Mr. D. Mr. E and Mr.
F.
and
Whereas the parties have agreed to enter into a separate submission paper or
Arbitration agreement in the manner following:
Now
It Is Agreed Between The Parties hereto as Follows:
The
parties hereto agree to refer to the said three Arbitrators M/s. D, E and F all
their disputes and differences 'inter se' touching the business of the said
partnership, its properties and accounts and arising out of or in connection
with the said Deed of Partnership and without prejudice to the generality of
this clause, to decide the following questions:-
a. To
decide whether the notice of dissolution given by one partner Mr. A is valid if
so, the date of dissolution and If not to decide whether the other parties are
entitled to continue the said business without the said Mr. A and to decide the
date of his retirement.
b. In
the event of the arbitrator holding that the partnership is dissolved, to
divide and partition the moveable and immovable assets of the Firm among the
parties according to their respective rights under the Deed of Partnership with
power to the Arbitrator to sell any part of the said assets for equitable distribution
among the parties.
c. To
take accounts of the partnership for the last three years that is from ... to
... and to ascertain the amount payable by one to the other or others If any.
d. To
make provisions for payment of debts and liabilities of the Firm including
Income-tax liabilities.
1.
2. he
Arbitrators shall direct the parties to file statements of their respective
claims, legal submissions and reliefs claimed and each party to file his
statement of defence in reply to the statements of claims of others.
3. The
Arbitrators shall allow the parties to produce documents in support of their
claims.
4. The
Arbitrators shall direct the books of account and other papers of the Firm to
be produced before them and arrange for their safe custody. The Arbitrators
will have power to appoint a qualified accountant to inspect the accounts and
to draw a balance sheet,.
5. The
Arbitrators shall allow the parties to be represented by their respective
advocates.
6. The
Arbitrators shall not be bound to take oral evidence but if any party or their
witness is examined he will be allowed to be cross-examined.
7. If
there is difference of opinion between the Arbitrators during the Arbitration
proceedings or in making the award the decision of the majority will prevail
and binding on the parties.
8. The
Arbitrators shall be entitled to make one or more Interim Awards.
9. The
Arbitrators shall make their award within four months from their entering upon
the reference but can extend the said period from time to time with the consent
of all the parties hereto obtained in writing.
10. In
the event of any party refusing to participate in the Arbitration proceedings
or remaining absent without valid cause, the Arbitrator shall have power to
proceed ex-parte against such party.
11. The
costs of the Arbitration proceedings will be in the discretion of the
Arbitrators.
12. The
Arbitration, subject to what is herein provided shall be governed by the
Arbitration &Conciliation Act, 1996.
In
Witness Whereof the parties hereto have put their hands the day and year first hereinabove
written.
Signed
and delivered by the
with
in named Mr. A . ............. in the presence
of ............................
Signed
and delivered by the
with
in named Mr. B ............... in the presence
of ..... ......................
Signed
and delivered by the
with
in named Mr. C ...............in the presence
of .............................
