Agreement For Reference To Two Arbitrators Legal Draft Template

This

Agreement made on theday ofbetween AB, etc., of the one part AND CD, etc. of

the other part.Whereas

the parties aforesaid have been carrying on the business as partners in the

name and style of. atunder a partnership deed dated.;And

Where as each party has contributed to the capital of the partnership RSand

has been sharing the profit and loss of the partnership in equal shares;And

Where as the business in the partnership has been carried on for the last

years,And

Where as disputes and difference have arisen between the parties hereto

rendering it impossible to carry on the business in the partnership; andAnd

Whereas the parties have agreed to refer the following matters for the decision

of two arbitrators, namely M/s. and1.

The

amount of profit and loss as per the books of account of the partnership;2.

The

liability of the parties to pay the amounts on settlement of accounts; and3.

Fixation

of the date on which the partnership shall be deemed to be dissolved.Now it

is hereby Agreed as follows:1.

The

arbitrators shall enter upon the reference and decide the aforesaid matters.2.

The

arbitrators shall make their award within three months after entering upon the

reference or after having been called on to act by notice in writing from any

party to the submission, or on or before any later day to which the arbitrators

by any writing signed by them may from time to time enlarge the time in making

the award.3.

The

aforesaid two arbitrators shall have the power to appoint an Umpire at any time

of the period during which they have to make the award.4.

If

the arbitrators agree among themselves then their unanimous decision shall

award and will be binding on the parties. If the arbitrators do no agree, then

the umpire shall make his award within one month, after the original or

extended time appointed for making the award of the arbitrators has expired, or

on before any later day to which the Umpire by any writing signed by him, may

from time to time enlarge the time for making the award and in that case the

decision of the Umpire shall be binding on the parties.5.

The

arbitrators may proceed ex parte in case the either party fails to appear after

reasonable notice.6.

This

agreement shall remain effective and enforceable against the legal

representatives of either party in case of death.7.

The

arbitrators may appoint an accountant for examining the account of the party if

they think necessary and the remuneration of the accountant as determined by

the arbitrators shall be the costs in the reference to be paid by the parties

as the arbitrators may direct in their award.8.

In

case the arbitrators award that any sum is due from one party to the other,

then the party to whom the said sum is awarded may apply to the court for having

a decree passed in terms of the award and may realise the amount in execution

of the decree from the other party.9.

The

provisions of the Indian Arbitration & Conciliation Act, 1996, shall apply

to this reference.10. The

costs of this reference shall be in the discretion of the arbitrators.In

Witness Whereof the parties hereto have signed this agreement on the day and

year first written above...(Sd.)(AB)(Sd.)(CD)