Ad Hoc Arbitration Agreement Sample India
Ad hoc arbitration is a process of dispute resolution commonly used in India, where the parties agree to arbitrate their disputes on an ad hoc basis, instead of through a pre-determined institutional or organizational mechanism. In such cases, an ad hoc arbitration agreement is drafted to formalize the process. In this article, we will provide a sample ad hoc arbitration agreement for reference purposes.
What is an Ad Hoc Arbitration Agreement?
An ad hoc arbitration agreement is a contract between two or more parties agreeing to resolve their disputes through arbitration on an ad hoc basis. It sets out the terms and conditions regarding the arbitration, including the rules and procedure to be followed, the selection of arbitrators, and other details. An ad hoc arbitration agreement is often preferred over institutional arbitration as it allows the parties to tailor the process to their specific needs.
Sample Ad Hoc Arbitration Agreement India
This sample agreement is intended to provide guidance on drafting an ad hoc arbitration agreement in India. This agreement is not intended to be used as a template for any specific legal situation and should be adapted to meet the needs of the parties and the specific circumstances of their dispute.
Agreement for Ad Hoc Arbitration
This Agreement for Ad Hoc Arbitration (the „Agreement”) is made and entered into between [Party A] and [Party B] (the „Parties”) on [date].
Recitals
The Parties are desirous of settling their disputes arising out of or in connection with [the subject matter of the dispute] (the „Dispute”).
The Parties agree to resolve the Dispute through ad hoc arbitration in accordance with the terms and conditions set out in this Agreement.
Agreement
1. Jurisdiction
The Parties agree that the arbitration will take place in [city, state] in India.
2. Appointment of Arbitrator
The Parties agree to appoint [number] arbitrator(s) to resolve the Dispute. The Parties shall each nominate one arbitrator, and the two nominated arbitrators shall select the third arbitrator to act as the presiding arbitrator.
3. Rules and Procedure
The Parties agree that the arbitration shall be conducted in accordance with the Arbitration and Conciliation Act, 1996, and any other applicable laws in India.
The Parties agree to mutually agreeable rules and procedure for the conduct of the arbitration, including the language to be used for the proceedings and the time limits for the submission of documents, evidence, and other materials.
4. Costs
The costs of the arbitration shall be borne equally by the Parties, except as otherwise determined by the arbitrators. Each Party shall be responsible for its own legal fees and expenses.
5. Confidentiality
The Parties agree to keep the arbitration proceedings, the award, and any related documents or information confidential, except as required by law or necessary to enforce the award.
6. Finality and Enforceability
The award of the arbitrators shall be final and binding on the Parties. The Parties agree to comply with and enforce the award as required by law.
7. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of India.
8. Entire Agreement
This Agreement contains the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior negotiations, agreements, and understandings.
9. Amendments
This Agreement may only be amended in writing signed by both Parties.
10. Counterparts
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
In Witness Whereof, the Parties have executed this Agreement as of the date first written above.
[Party A]
By: _______________
Name: _______________
Title: _______________
[Party B]
By: _______________
Name: _______________
Title: _______________
Conclusion
An ad hoc arbitration agreement is a useful tool for disputes resolution in India. It provides flexibility and allows the parties to tailor the process to their specific needs. Parties desirous of resolving their disputes through ad hoc arbitration should consider the requirements set out in the Arbitration and Conciliation Act, 1996, and consult with their legal counsel when drafting an ad hoc arbitration agreement.