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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 of Reference to a Common Arbitrator:
Usage:
An Agreement of Reference to a Common Arbitrator is used in legal and commercial contexts when two or more parties wish to resolve a dispute through arbitration and agree to appoint a single arbitrator to make decisions. This agreement outlines the rules, procedures, and responsibilities of the arbitrator. Here's a concise guideline:
Identification: Clearly identify the parties involved, specifying their names, roles, and the nature of the dispute.
Arbitrator Selection: Name the chosen arbitrator, specifying their qualifications, impartiality, and responsibilities.
Arbitration Procedures: Detail the procedures for initiating arbitration, presenting arguments, gathering evidence, and rendering awards.
Arbitrator's Authority: Define the scope of the arbitrator's authority, 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 all parties involved 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 a Common Arbitrator is essential 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.