An agreement made on this…………………day of…………………..2022 between AB…….. (Name of First Party S/o…………………and resident of……………..(Address of the first party) aged about…………………………….. The ONE PART, and CD……..(Name of Second Party) S/O……………………(Name of the father), resident of………..(Address of the Second Party) age………… (mention the age) of the OTHER PART witnesseth as follows:
WHEREAS the parties above named hereto were so long having the share in their joint family property as coparceners and whereas the disputes now have arisen and these are still subsisting between them over the question of corresponding shares; acquisition of title and area of demarcation (both movable and immovable properties) of the above named parties, which they ad idem are agreed to refer and submit to decision an award of F…………..(Name of the arbitrator) S/O……………. and resident of……….(mention the address of the Arbitrator) aged about……….as an Arbitrator).
Now it is hereby agreed between the above named parties hereto as follows:
1. The arbitralor shall take upon himself and decide all disputes between the above named parties as aforesaid.
2. The arbitrator shall hear the parties, administer oath to witnesses,consider all pleadings and answers thereto, all allegations and counter evidences both oral and documentary, placed before him and make and publish hi award in wring on or before the…………..day of………….20…………..unless the time for that purpose is extended by Court of competent jurisdiction.
3. The provisions of Arbitration and Conciliation Act, 1996 with its statutory modifications and amendments, so far as consistent here with shall be deemed to be incorporated herein and all provisions of said Act shall apply to the reference hereunder contemplated.
4. The arbitrator shall not be entitled to proceed with the reference exparte except in case where either party wrongfully or willingly shallfail and/or neglect to attend the proceedings after reasonable notice.
5. The parties shall submit to be examined by the Arbitrator on oath oraffirmation in relation to the matter of dispute and shall submit allthe documents within their possession.
6. The award made by the Arbitrator shall be final and binding on theparties and persons claiming under them respectively.
7. The arbitration expenses shall be in the discretion of arbitrator.
Dated this…………….day of………..20……….
Signature of the First Party
Signature of the Second Party
Signature of Witnesses
1…..
2……