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Welcome To Contract Easily! ( Consult, Contract, Share,download Legal Matters 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.
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.
Drafting an arbitration clause in a building agreement is crucial to provide a mechanism for resolving disputes outside of traditional litigation. Here's a concise guideline:
Clearly Define Arbitration: Explicitly state that any dispute, controversy, or claim arising out of or relating to the building agreement shall be resolved through arbitration.
Specify Arbitral Tribunal: Identify the number of arbitrators and the method of their appointment. Commonly, parties opt for a single arbitrator or a panel of three.
Arbitration Rules: Reference the specific arbitration rules that will govern the proceedings, such as those of the American Arbitration Association (AAA) or the International Chamber of Commerce (ICC).
Arbitration Venue: Clearly state the location (venue) of the arbitration proceedings, which may be a neutral location convenient for both parties.
Language of Arbitration: Specify the language in which the arbitration proceedings will be conducted.
Governing Law: Outline the governing law that will apply to the arbitration agreement itself.
Scope of Disputes: Define the types of disputes covered by the arbitration clause, ensuring it encompasses all potential issues arising from the building agreement.
Common mistakes to avoid include vague language, failure to specify the number of arbitrators, and overlooking the choice of applicable rules. Ensure the clause is clear, comprehensive, and in compliance with local laws.
Seek legal advice to tailor the arbitration clause to the specific needs of the building agreement and to ensure it aligns with jurisdictional requirements. A well-drafted arbitration clause facilitates efficient dispute resolution, avoiding protracted litigation.