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GUIDELINE

Guideline for Drafting an Agreement of Reference to Two Arbitrators:

Usage:
An Agreement of Reference to Two Arbitrators is used in legal and commercial contexts when two parties wish to resolve a dispute through arbitration and agree to appoint two arbitrators to make decisions jointly. This agreement outlines the rules, procedures, and responsibilities of the arbitrators. Here's a concise guideline:

Identification: Clearly identify the parties involved, specifying their names, roles, and the nature of the dispute.

Arbitrator Selection: Outline the process for selecting the two arbitrators, defining their qualifications, impartiality, and responsibilities.

Arbitration Procedures: Detail the procedures for initiating arbitration, presenting arguments, gathering evidence, and rendering awards.

Arbitrators' Authority: Define the scope of the arbitrators' authority, their decision-making process, and any limitations or exclusions.

Governing Law: Specify the governing law or jurisdiction for the arbitration agreement.

Confidentiality: Include a confidentiality clause to protect sensitive information discussed during arbitration.

Signature: Ensure that both parties sign the agreement of reference.

Common Mistakes to Avoid:

Ambiguity: Ensure the agreement is clear and specific to prevent disputes over its interpretation.
Neglecting Legal Review: Consult legal professionals to ensure compliance with arbitration laws and regulations.
Failure to Define Rules: Specify the rules, timelines, and procedures for arbitration clearly.
Excluding Key Details: Include provisions for cost-sharing, choice of arbitration organization, and venue.
Ignoring Changes: Update the agreement if the terms or circumstances change.
Drafting an Agreement of Reference to Two Arbitrators is crucial for a fair and efficient dispute resolution process. Legal consultation is advisable to create a document that is legally sound, compliant, and tailored to the specific needs and concerns of the parties while ensuring compliance with relevant laws and regulations.

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