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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 a Single Arbitrator:
Drafting a clear and effective arbitration agreement is crucial for smooth dispute resolution. Here's a concise guide for specifying a single arbitrator:
Title and Identification: Clearly title the clause as "Arbitration Agreement Referring Matters to a Single Arbitrator." Include the names of the parties, effective date, and details of the agreement.
Reference to Arbitration: Explicitly state the parties' agreement to resolve disputes through arbitration and specify that the matters will be referred to a single arbitrator.
Appointment of the Arbitrator: Clearly outline the process for appointing the single arbitrator. This may include mutual agreement, appointment by a designated institution, or specific qualifications required.
Arbitration Rules: Specify the rules that will govern the arbitration process, whether institutional rules (e.g., ICC, AAA) or tailored procedures agreed upon by the parties.
Governing Law: Clearly identify the governing law that will apply to the arbitration proceedings, ensuring consistency with the overall agreement.
Common Mistakes to Avoid:
Vague Language: Use clear and unambiguous language to avoid confusion about the intent and scope of the arbitration clause.
Incomplete Details: Ensure the clause includes all relevant details, such as the appointment process, arbitrator qualifications, and governing law, to prevent disputes over interpretation.
Failure to Specify Arbitration Institution: If relying on institutional rules, clearly state the chosen institution to avoid uncertainty in the arbitration process.
Ignoring Jurisdictional Issues: Clearly identify the seat or location of arbitration to avoid jurisdictional challenges and confusion.
Neglecting Signatures: Ensure that representatives of both parties sign the agreement, confirming their agreement to the included arbitration clause.
This type of arbitration agreement is commonly used in various commercial contracts, providing a streamlined approach to dispute resolution through a single arbitrator. By following these guidelines and avoiding common mistakes, a well-drafted agreement facilitates a more efficient and cost-effective arbitration process.