Agreement for Reference to Two Arbitrators for Disputes that Have Arisen in
This agreement was made on the...day of...between
AB, etc., of the one part AND CD, etc., of the other part.
Whereas the aforementioned parties have been engaged as partners in the name
and style of ...at...under a partnership deed dated..........;
And whereas each party has equally contributed to the partnership's capital
amounting to RS...and has been sharing the profit and loss in equal
And whereas the partnership business has been operational for the last
And whereas disputes and differences have arisen between the parties, making
it impossible to continue the partnership business;
Now it is hereby agreed as follows:
whereas the parties have unanimously agreed to refer the following matters for
the decision of two arbitrators, namely M/s................
The amount of profit and loss as per the partnership's books of account;
The liability of the parties to pay the amounts upon settlement of accounts;
Fixation of the date on which the partnership shall be deemed dissolved.
The arbitrators shall commence the reference process and make decisions on the
The arbitrators shall produce their award within three months after commencing
the reference or after receiving written notice from any party to the
submission. The arbitrators may extend the time for making the award through a
signed written communication.
Power to Appoint an Umpire
The two arbitrators mentioned above shall have the authority to appoint an
Umpire at any time during the period in which they have to render their award.
Unanimous Decision or Umpire's Role
If the arbitrators reach an agreement among themselves, their unanimous decision
shall be final and binding on the parties. In the event of a disagreement among
the arbitrators, the Umpire shall make their award within one month after the
original or extended time for the arbitrators' award has expired. The Umpire may
also extend the time for making the award through a signed written
communication, and their decision shall be binding on the parties.
Ex Parte Proceedings
The arbitrators may proceed ex parte in case either party fails to appear
despite receiving reasonable notice(s).
Continuing Effectiveness in Case of Death
This agreement shall remain effective and enforceable against the legal
representatives of either party in the event of death.
Appointment of Accountant and Costs
The arbitrators may appoint an accountant to examine the accounts of the parties
if deemed necessary, and the remuneration of the accountant, as determined by
the arbitrators, shall be considered as costs in the reference to be paid by the
parties as directed by the award.
Enforcement of Award
In case the arbitrators' award that any sum is due from one party to the other,
the party to whom the said sum is awarded may apply to the court to have a
decree passed in line with the award and can execute the decree to realize the
amount from the other party.
Applicability of Indian Arbitration & Conciliation Act, 1996
The provisions of the Indian Arbitration & Conciliation Act, 1996, shall apply
to this reference.
The costs incurred during this reference shall be at the discretion of the
Signatures and Execution
In witness whereof, the parties hereto have signed this agreement on the day and
year first written above.