Agreement
for Reference to Three Arbitrators

This
Agreement is made the…day of…Between AB etc., of the one part and CD, etc., of
the other part.

Whereas
the parties hereto have been carrying on the business; in general merchandise
in the partnership under the partnership deed dated…………where under each
party is entitled to equal share in the profit and loss there from;

and
Whereas the disputes and difference have arisen between the parties
aforementioned and it is impossible to carry on the said business in the
partnership; and

and
Whereas the parties have agreed to refer the dispute to the arbitration of
three arbitrators, namely X, Y and Z.

Now
It Is Hereby Agreed between the aforesaid parties as follows:

1.    

The
arbitrators will have the power to decide and determine the following matter,
which are referred to their final determination and award-

a.     …………………

b.    …………………

c.     …………………

1.    
 

2.    
The
arbitrators shall enter upon the reference on or about the…and shall deliver
their award as expeditiously as possible.

3.    
The
decision and the award of the arbitrators shall be final and conclusive and
binding on the parties hereto.

4.    

The
said X shall be the President of the tribunal of arbitration who shall be
responsible to arrange the sittings and conduct of the arbitration proceedings.

5.    
If
there is any difference of opinion between the arbitrators the decision of the
majority shall prevail.

6.    
The
arbitrators may proceed ex parte in case either party fails to appear after
reasonable notice.

7.    
The
arbitrators shall be paid a fee of RS…and such fees as well as the costs of the
reference and other expenses incidental to the arbitration shall be borne and
paid by such of the parties or by both parties in such proportion as the
arbitrators shall by their award direct.

8.    
The
arbitrators may, from time to time, call upon any party to submit such
documents as they may require for perusal and consideration in connection with
the arbitration.

9.    
This
agreement shall remain effective and enforceable against the legal
representatives of either party in case of his death.

10.  The
arbitrators may appoint an accountant to examine the account of the parties if
they think it 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.

11.  The
arbitrators will be entitled to award money compensation if absolutely
necessary in order to equalise the value of the lots to be allotted to the
parties.

12.  The
provisions of the Arbitration & Conciliation Act, 1996 shall apply to this
reference.

13.  The
costs of this reference shall be in the discretion of the arbitrators.

in
Witness Where of the parties hereto have signed this agreement on the day and
year first written above.

…(Sd.)

(AB)

…(Sd.)

(CD)

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