An agreement made………. …….on this day of………between AB & Company Ltd. (hereinafter called the company), the first party and CD ……………of Delhi, the second party (mention the name and address of both the parties).
Whereas the company is a registered company having its head office at…………………………………………..And,
Whereas the second party entered into certain contracts with the company and claims certain amounts on the basis thereof from the company, while the claim is denied by the company;
And whereas the Board of Directors of the Company have by their resolution no….. dated………….. authorised Mr…………..their General Manager to enter into this agreement of reference on behalf of the Company.
It is therefore agreed as follows:
1. The dispute and difference between the parties be referred to arbitration and award of Mr…………… …….of………………….
2. The said arbitrator shall after hearing the parties, their witnesses and their counsel and giving the parties an opportunity to produce such documentary evidence as they may think proper, decide what amount, if any, is due to the second party against the Company.
3. The arbitrator will also have authority to direct the interest, if and if so at what rate, shall be payable by the Company to the second party and also award how and by whom the cost incurred by the parties in connection with this reference and award shall be paid within what time.
4. The arbitrator shall have authority to proceed ex parte in case either party fail to appear before him after reasonable notice, not being less than fifteen days prior notice for each hearing.
5. The arbitrator shall make the award within four months from the date of reference of dispute made to him or within such further time as the Court may allow.
6. The provisions of the Arbitration and Conciliation Act, 1996 shall apply to the reference.
Signature and seal of First Party Signature of Second Party