AGREEMENT FOR REFERENCE TO ARBITRATION BETWEEN PARTNERS

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)

                WHEREAS 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

                WHEARAS 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

                WHEARAS 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.

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……………...