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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.
Guidelines for Drafting an Agreement for Reference to Two Arbitrators:
Introduction:
Clearly identify the parties involved, the date of the agreement, and the nature of the dispute to be resolved through arbitration.
Arbitrator Selection:
Specify the names and details of the two arbitrators, outlining the process for their selection and any qualifications or criteria that must be met.
Arbitration Procedure:
Define the procedural rules and guidelines for the arbitration, including the venue, language, and any specific rules to be followed during the arbitration process.
Terms of Reference:
Clearly outline the scope of the dispute, the issues to be arbitrated, and any specific matters that the arbitrators should consider during the proceedings.
Confidentiality and Awards:
Include provisions regarding the confidentiality of the arbitration proceedings and the issuance of a final award by the arbitrators.
Common Mistakes to Avoid:
Vague Arbitrator Selection Process:
Clearly articulate the process for selecting arbitrators to avoid potential disputes or delays in the arbitration proceedings.
Incomplete Arbitration Procedure:
Ensure that the agreement comprehensively outlines the entire arbitration procedure, leaving no room for ambiguity or misunderstandings.
Unclear Terms of Reference:
Clearly define the scope of the dispute and the issues to be decided to provide guidance to the arbitrators and avoid procedural complications.
Ignoring Applicable Laws:
Ensure that the agreement complies with relevant arbitration laws and regulations to enhance the enforceability of the arbitral award.
Failure to Specify Venue and Language:
Clearly state the venue where the arbitration will take place and the language in which the proceedings will be conducted to avoid procedural challenges.
Lack of Confidentiality Clause:
Include a confidentiality clause to protect sensitive information exchanged during the arbitration process.
Agreements for Reference to Two Arbitrators are used in various commercial contexts where parties agree to resolve disputes through arbitration. Following these guidelines helps ensure a smooth and fair arbitration process while avoiding common pitfalls that may arise during the resolution of disputes. Seeking legal advice during the drafting stage is advisable for increased clarity and legal soundness.