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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 Matters in Dispute to Three Arbitrators:
This agreement is crucial when parties anticipate complex disputes and opt for a panel of three arbitrators for resolution. Here's a concise guide for drafting this agreement:
Title and Identification: Clearly title the document as "Arbitration Agreement Referring Matters in Dispute to Three Arbitrators." Include names of the parties, effective date, and case details.
Scope and Application: Define the scope of disputes subject to arbitration, emphasizing the agreement to resolve matters through the decision of a panel consisting of three arbitrators.
Arbitrator Selection Process: Outline the process for selecting the three arbitrators, specifying any qualifications or criteria, and detailing the procedure for replacement in case of unavailability or conflicts.
Arbitration Rules: Reference and adopt specific arbitration rules governing the proceedings. Clearly state the rules of a recognized arbitral institution or establish custom rules for the three-arbitrator panel.
Seat and Governing Law: Clearly specify the seat of arbitration and the governing law, providing a legal framework for the three-arbitrator panel.
Common Mistakes to Avoid:
Ambiguous Selection Process: Clearly outline the process for selecting three 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 three-arbitrator panel.
Incomplete Arbitrator Details: Clearly outline the process for appointing three 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 three-arbitrator panel to avoid uncertainties regarding the legal framework.
Lack of Signatures: Ensure that the agreement is duly signed by authorized representatives of both parties, confirming their consent to resolve disputes through a panel of three arbitrators.
By adhering to these guidelines and avoiding common mistakes, a well-drafted Arbitration Agreement Referring Matters in Dispute to Three Arbitrators provides a structured and effective mechanism for resolving complex disputes. This type of agreement is commonly used in high-stakes commercial contracts, construction projects, and international transactions where parties opt for a panel of arbitrators to ensure a diverse and informed decision-making process.