Arbitration Agreement Among Members Of H.u.f - Legal Draft

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 _________________, andii.

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 arbitrators 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

partyAddressName.2nd

partyAddressName.3rd

party.AddressName.4th

party.AddressName.5th

party.Address