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Welcome To Contract Easily! ( Consult, Contract, Share,download Legal Matters Easily )
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Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Guideline for Drafting an Agreement for Reference to Three Arbitrators:
Usage:
An Agreement for Reference to Three Arbitrators is used when parties involved in a dispute agree to resolve their issues through arbitration and wish to appoint three arbitrators to preside over the proceedings. This is common in complex disputes, international contracts, or when parties prefer a larger arbitration panel for impartiality. Here's a brief guideline:
Identification of Parties: Begin by clearly identifying the parties involved in the dispute, providing their names, contact information, and any relevant legal entities.
Appointment of Arbitrators: Specify the names, qualifications, and contact details of the three chosen arbitrators. Ensure they are impartial and qualified in the subject matter of the dispute.
Arbitration Rules: Define the rules and procedures that will govern the arbitration, such as those from recognized arbitration institutions like the ICC, UNCITRAL, or specific custom rules.
Arbitration Venue: Determine the location where the arbitration hearings will take place, considering the convenience of all parties and arbitrators.
Governing Law: Indicate the applicable law governing the arbitration agreement and the dispute itself.
Common Mistakes to Avoid:
Inadequate Arbitrator Selection: Ensure that arbitrators are qualified, impartial, and acceptable to all parties.
Unclear Arbitration Rules: Specify the chosen rules or institutional procedures clearly to avoid disputes later.
Vague Dispute Description: Clearly describe the dispute subject matter to prevent confusion.
Omitting Governing Law: Clearly state the applicable law to govern the agreement and dispute.
Failure to Consult Legal Experts: Always seek legal advice to ensure the agreement aligns with local laws and international arbitration standards.
Drafting an Agreement for Reference to Three Arbitrators requires precision and adherence to arbitration rules. Consulting legal professionals experienced in arbitration is advisable to avoid costly mistakes and ensure a fair and efficient resolution process.