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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 Arbitration Agreement Referring the Matter in Dispute to Two Arbitrators:
This agreement is crucial when parties opt for a panel of two arbitrators to resolve their disputes. Here's a concise guide for drafting this agreement:
Title and Identification: Clearly title the document as "Arbitration Agreement Referring Matter in Dispute to Two Arbitrators." Include names of the parties, effective date, and case details.
Scope of Dispute: Define the scope of disputes subject to arbitration, specifying the categories of issues that may arise and fall within the jurisdiction of the two-arbitrator panel.
Arbitrator Selection: Clearly outline the process for selecting the two arbitrators, emphasizing impartiality and fairness. Include provisions for the appointment of a neutral arbitrator or representatives from both parties.
Arbitration Procedure: Clearly state the procedural rules governing the arbitration process, ensuring a fair and efficient resolution. Specify timelines, evidentiary rules, and the location of hearings.
Confidentiality and Finality: Incorporate clauses on confidentiality to protect sensitive information and emphasize the finality of the arbitration award.
Common Mistakes to Avoid:
Ambiguous Selection Process: Clearly outline the process for selecting two arbitrators, avoiding ambiguity that may lead to disputes or delays.
Failure to Specify Rules: Clearly reference and specify the arbitration rules governing the proceedings, ensuring a structured and recognized process for the two-arbitrator panel.
Incomplete Arbitrator Details: Clearly outline the process for appointing two arbitrators and provide details regarding their qualifications, selection criteria, and potential replacements.
Omission of Governing Law: Clearly state the governing law and the seat of arbitration for the two-arbitrator panel to avoid uncertainties regarding the legal framework.
Lack of Signatures: Ensure the agreement is duly signed by authorized representatives of both parties, confirming their consent to resolve disputes through a panel of two arbitrators.
By following these guidelines and avoiding common mistakes, a well-drafted Arbitration Agreement Referring Matter in Dispute to Two Arbitrators provides a structured and effective mechanism for resolving disputes. This type of agreement is commonly used in various legal contexts, including commercial contracts and construction projects, where parties opt for a panel of two arbitrators for efficient and informed decision-making.