ARBITRATION AGREEMENT
THIS ARBITRATION AGREEMENT is made this ________ (the "Effective Date") between the following parties:
________, of the following address:
________
AND
________, of the following address:
________
The Parties may individually referred to as (the "Party" which expression shall where the context so admits include its successors-in-title and assigns) and collectively referred to as the "Parties".
BACKGROUND
A. The Parties have entered into a legal relationship properly described in this Agreement and desire to settle disputes arising from their relationship through arbitration.
B. By virtue of this Agreement, the Parties agree and undertake to waive their rights to have disputes arising from this legal relation resolved by a court of law.
Therefore, in consideration of the promises and covenants hereinafter contained in this Agreement, as well as other valuable consideration, the receipt of which is hereby acknowledged, the Parties hereby agree as follows:
1. LEGAL RELATIONSHIP
The Parties have agreed to enter a legal relationship which is described as follows:
________
This legal relationship is entered by virtue of the following contract: ________ entered into and executed on ________.
2. ARBITRATION
The Parties agree to use their best endeavours to negotiate and settle disputes or difference of opinion between them, arising from or connected with this Agreement amicably. Any dispute, which cannot be mutually resolved by the parties, shall be referred to arbitration.
3. ARBITRATORS
The arbitral tribunal shall consist of ________ arbitrators who shall be elected in the following manner:
________
An arbitrator shall be challenged if there are circumstances that gives rise to the justifiable doubt about the arbitrator's impartiality or independence.
Any Party wishing to challenge such arbitrator shall do so in the following manner:
________
4. PROCEDURE
The arbitration proceedings shall be held in: ________ and conducted in ________ language in accordance with the provisions of the following arbitration rules:
________
Each Party shall bear their own cost and expenses in relation to the arbitration proceedings except where an award has been made by the arbitrators for cost to be borne by a particular Party.
The arbitral tribunal shall give adequate notice of the date, time, and place of the hearing.
The decision of the arbitrator(s) shall be final and binding on all the Parties and shall be enforced by any competent court.
5. ARBITRATION AWARD
If any award is granted by the arbitrators, such award shall be binding on all the Parties.
The award shall be in writing, signed by the arbitrators and shall state the reasons for which the decision is based.
The arbitrators may impose sanctions or penalties on any Party for failure to comply with any of the terms and conditions of this Agreement.
6. 2558522885855
5588 825222222 252 82 5222525 25 855825 82 282525 22 252 2552828 525 8585 855852822 2582 82 525225 525 882225 82 252 2552828 22 2588 825222222. 82 52852 25 22888822 22 25258882 522 58252 85588 222 82 822825525 58 858825.
888 2228828 52525 2588 825222222 2582 82 8582822. 552 2228828 85588 82 528882525 282525 2258225882 25 258825 82 5 825282825 2588 22 252 22525 25522'8 5555288. 82558228 82 2588 825222222 552 225 82282282282 2282 525 85588 222 82 822825525 22 88282 25 522282 252 22528 22 2588 825222222. 5588 825222222 252 82 25285225 82 825222525528, 588 22 85885 82282825228 252 222852 825222222.
IN WITNESS WHEREOF the Parties hereto have executed this Agreement this day and year first written above.
SIGNED by ________
___________________________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
SIGNED by ________
___________________________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
ARBITRATION AGREEMENT
THIS ARBITRATION AGREEMENT is made this ________ (the "Effective Date") between the following parties:
________, of the following address:
________
AND
________, of the following address:
________
The Parties may individually referred to as (the "Party" which expression shall where the context so admits include its successors-in-title and assigns) and collectively referred to as the "Parties".
BACKGROUND
A. The Parties have entered into a legal relationship properly described in this Agreement and desire to settle disputes arising from their relationship through arbitration.
B. By virtue of this Agreement, the Parties agree and undertake to waive their rights to have disputes arising from this legal relation resolved by a court of law.
Therefore, in consideration of the promises and covenants hereinafter contained in this Agreement, as well as other valuable consideration, the receipt of which is hereby acknowledged, the Parties hereby agree as follows:
1. LEGAL RELATIONSHIP
The Parties have agreed to enter a legal relationship which is described as follows:
________
This legal relationship is entered by virtue of the following contract: ________ entered into and executed on ________.
2. ARBITRATION
The Parties agree to use their best endeavours to negotiate and settle disputes or difference of opinion between them, arising from or connected with this Agreement amicably. Any dispute, which cannot be mutually resolved by the parties, shall be referred to arbitration.
3. ARBITRATORS
The arbitral tribunal shall consist of ________ arbitrators who shall be elected in the following manner:
________
An arbitrator shall be challenged if there are circumstances that gives rise to the justifiable doubt about the arbitrator's impartiality or independence.
Any Party wishing to challenge such arbitrator shall do so in the following manner:
________
4. PROCEDURE
The arbitration proceedings shall be held in: ________ and conducted in ________ language in accordance with the provisions of the following arbitration rules:
________
Each Party shall bear their own cost and expenses in relation to the arbitration proceedings except where an award has been made by the arbitrators for cost to be borne by a particular Party.
The arbitral tribunal shall give adequate notice of the date, time, and place of the hearing.
The decision of the arbitrator(s) shall be final and binding on all the Parties and shall be enforced by any competent court.
5. ARBITRATION AWARD
If any award is granted by the arbitrators, such award shall be binding on all the Parties.
The award shall be in writing, signed by the arbitrators and shall state the reasons for which the decision is based.
The arbitrators may impose sanctions or penalties on any Party for failure to comply with any of the terms and conditions of this Agreement.
6. 2558522885855
5588 825222222 252 82 5222525 25 855825 82 282525 22 252 2552828 525 8585 855852822 2582 82 525225 525 882225 82 252 2552828 22 2588 825222222. 82 52852 25 22888822 22 25258882 522 58252 85588 222 82 822825525 58 858825.
888 2228828 52525 2588 825222222 2582 82 8582822. 552 2228828 85588 82 528882525 282525 2258225882 25 258825 82 5 825282825 2588 22 252 22525 25522'8 5555288. 82558228 82 2588 825222222 552 225 82282282282 2282 525 85588 222 82 822825525 22 88282 25 522282 252 22528 22 2588 825222222. 5588 825222222 252 82 25285225 82 825222525528, 588 22 85885 82282825228 252 222852 825222222.
IN WITNESS WHEREOF the Parties hereto have executed this Agreement this day and year first written above.
SIGNED by ________
___________________________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
SIGNED by ________
___________________________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
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