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Welcome To Contract Easily! ( Consult, Contract, Share,download Legal Matters Easily )
Contract 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.
Guideline for Drafting Arbitral Award of Payment for Goods Supplied:
This document is crucial in commercial arbitration proceedings, specifically when parties seek resolution on payment disputes related to goods supplied. Here's a concise guide for drafting this award:
Title and Identification: Clearly title the document as "Arbitral Award of Payment for Goods Supplied." Include names of the parties, case reference, and details of the arbitration.
Background and Reference: Provide a brief overview of the dispute, outlining the contractual terms related to the supply of goods, payment obligations, and the nature of the payment dispute.
Legal Framework: Establish the legal framework governing the contractual relationship, citing relevant commercial laws, and the terms of the agreement.
Quantification of Payment: Clearly specify the amount awarded for the goods supplied, addressing any interest, penalties, or other relevant financial considerations.
Findings and Conclusions: Present the arbitrator's findings on the payment dispute, providing a well-reasoned conclusion based on contractual obligations, evidence, and legal principles.
Common Mistakes to Avoid:
Unclear Quantification: Ensure clarity in specifying the amount awarded, avoiding ambiguity that may lead to further disputes.
Failure to Reference Contractual Terms: Clearly reference and interpret the relevant contractual terms, avoiding misunderstandings regarding payment obligations.
Ambiguous Findings: Use precise language in presenting findings to prevent confusion or misinterpretation by the parties involved.
Neglecting Evidence: Consider all relevant evidence presented during the arbitration process to make well-informed findings on the payment dispute.
Lack of Clarity in Conclusions: Clearly articulate the arbitrator's conclusions on the payment dispute, providing transparency in the decision-making process.
By adhering to these guidelines and avoiding common mistakes, a well-drafted Arbitral Award of Payment for Goods Supplied ensures a clear, consistent, and legally sound resolution to payment disputes arising from the supply of goods. This type of award is commonly used in commercial arbitrations involving sale and purchase agreements.