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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 a Form of Agreement for Reference to Two Arbitrators:
Usage:
A Form of Agreement for Reference to Two Arbitrators is utilized in legal and commercial contexts when parties wish to resolve disputes through arbitration and agree to appoint a panel of two arbitrators. This agreement outlines the rules, procedures, and responsibilities of the arbitrators. It is often used in cases where a single arbitrator may not suffice, but a larger panel is not required. Here's a concise guideline:
Header: Begin with the names of the parties involved, the date of the agreement, and a brief description of the dispute.
Arbitrator Selection: Clearly identify the two arbitrators, providing details about their qualifications, impartiality, and responsibilities.
Arbitration Procedures: Detail the procedures for initiating arbitration, presenting arguments, gathering evidence, and rendering awards, considering the need for a two-member panel.
Arbitrators' Authority: Define the scope of the arbitrators' authority, their decision-making process, and any limitations or exclusions.
Governing Law: Specify the governing law or jurisdiction for the arbitration agreement.
Confidentiality: Include a confidentiality clause to safeguard sensitive information discussed during arbitration.
Signature: Ensure that all parties involved sign the agreement.
Common Mistakes to Avoid:
Ambiguity: Ensure the agreement is clear and specific to prevent disputes over its interpretation.
Neglecting Legal Review: Consult legal professionals to ensure compliance with arbitration laws and regulations.
Failure to Define Rules: Specify the rules, timelines, and procedures for arbitration clearly.
Excluding Key Details: Include provisions for cost-sharing, choice of arbitration organization, and venue.
Ignoring Changes: Update the agreement if the dispute's nature or circumstances change.
Drafting a Form of Agreement for Reference to Two Arbitrators is vital for an efficient dispute resolution process that benefits from multiple perspectives. Legal consultation is advisable to create a document that is legally sound, compliant, and tailored to the specific needs and concerns of the parties while ensuring compliance with relevant laws and regulations.