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    Arbitration Agreement - Draft Sample

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    Anusha yadav

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    © All Rights Reserved
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    Arbitration Agreement - Draft Sample

    Uploaded by

    Anusha yadav
    44 views3 pages

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    arbitration agreement- draft sample

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    44 views3 pages

    Arbitration Agreement - Draft Sample

    Uploaded by

    Anusha yadav

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    ARBITRATION AGREEMENT

    [as a supplementary agreement annexed to the main contract agreement]

    This Deed of Agreement made on the 1st day of January, 2024,


    BETWEEN M/s Jagdamba Properties represented by Shri. Deepak Kaushal
    S/o Sh. Narain Kaushal having an office at Plot No. 227, Pocket 15, Sector-
    24, Rohini, Delhi – 110085,

    BEING THE PARTY OF THE FIRST PART:

    AND
    M/s. Skyrise Contractors represented by Shri. Anand Verma, S/o
    Jeevan Verma, having an office at Plot No. 6, Bhagwati Garden, Near
    Dwarka Mor, Dwarka, Delhi – 110075,

    BEING THE PARTY OF THE SECOND PART:

    WHEREAS, the Party of the FIRST PART has agreed with the Party of
    the SECOND PART to abide by the Terms and Conditions of this
    ARBITRATION AGREEMENT:

    AND NOW, THEREFORE, this INDENTURE WITNESSETH and the


    parties hereto have agreed as follows:

    (I) THAT, the parties hereto have entered into a Contract on


    01/01/2024 for the residential project namely PARADISE
    APARTMENTS located at Plot No. 20, Pocket 8, Rohini Sector 24,
    Delhi – 110085, and are bound by the terms and conditions as
    stipulated in the said Contract including the ‘Clauses of the
    Contract’ as appended to the said contract;

    (II) AND THAT, this AGREEMENT shall form part and parcel of the said
    contract executed on the 1st day of January, 2024.

    (III) AND THAT, the parties agree that any dispute or difference
    whatsoever arising between the parties out of/under or in
    connection with or relating to the construction, meaning, scope,
    operation, or effect of the contract or the validity or the breach
    thereof shall be referred to a Sole Arbitrator as appointed under
    clause (VI) hereinbelow, and that the award made in pursuance
    thereof shall be binding on the parties;
    (IV) AND THAT, the parties agree that in respect of those matters, as are
    not defined in the terms and conditions of the main contract, or in
    this Arbitration Agreement, the same shall be decided and settled by
    the Sole Arbitrator in accordance with the Arbitration and
    Conciliation Act, 1996 and the amendments thereof as in operation
    on the date of execution of the Contract;

    (V) AND THAT, the parties agree that the place of Arbitration shall be at
    New Delhi in the National Capital Territory of Delhi.

    (VI) AND THAT, whenever the parties decide to resort to Arbitration for
    dispute resolution arising from this Agreement or related or
    connected to this Agreement, the dispute(s) shall be referred to a
    single arbitrator chosen by the Parties with mutual consent.
    Arbitration will be subject to the Arbitration and Conciliation Act,
    1996 as amended from time to time.

    Provided that before appointing an Arbitrator, the parties shall make


    a sincere attempt to resolve their dispute, within a period of 3
    months, through mutual conciliation, in a friendly and cordial
    atmosphere at a meeting at New Delhi, and if so, felt necessary by
    the parties, under the supervisory guidance of Ms. Sanjucta Kabasi,
    Advocate or, if she is not available, by such person nominated on
    her behalf.

    (VII) AND THAT, all costs relating to the Arbitration Proceedings, shall be
    borne equally by both the parties;

    (VIII) AND THAT, the parties agree that the language for making all
    submissions and evidence will be presented in ENGLISH during the
    proceedings;

    (IX) AND THAT, it is agreed between the parties that they shall extend
    their fullest support and co-operation to the Sole Arbitrator and not
    seek adjournment of the Arbitration proceedings, without explaining
    the reasons therefor, in writing, in advance, for seeking of such
    adjournment, and further that there shall not be more than two such
    adjournments granted, even when there exists a valid reason for
    seeking such adjournment. And it is further agreed that the parties
    should cooperate in completing the arbitration process and the
    broader dispute resolution within 6 months or at most with an
    extension, on mutual consent, of another 6 months.
    (X) AND THAT, it is agreed by the parties hereto that, in so far as there
    is an arbitral award for payment of money, the Sole Arbitrator may
    include in the sum for which the award is made, interest at the RBI
    repo rate, as on the date on which the cause of action arose, plus
    2%, on the whole, or any part of the money, for the whole or any part
    of the period, between the date on which the cause of action arose
    and the date on which award is made:

    Provided that, on the sum so directed to be paid by an arbitral


    award, there shall be no interest payable for three months
    commencing from the date of award, but thereafter, interest shall be
    payable at RBI repo rate plus 4% for such period of delay, till the
    date of payment;

    (XI) AND THAT, the Arbitrator shall record, in writing, the arguments of
    the two parties on each of the points of dispute and pass a speaking
    order thereon.

    (XII) AND THAT, in so far as Arbitration is concerned, the terms and


    conditions of this supplementary Agreement shall prevail over
    anything to the contrary that may be spelt out in the main contract
    a referred to in clause (I) above.

    IN WITNESS WHEREOF, Shri Deepak Kaushal on behalf of the M/s


    Jagdamba Developers being the party of the FIRST PART AND the
    Contractor, Shri. Anand Verma of M/s. Skyrise Contractors for and on behalf
    of the Party of the SECOND PART above named, have set their hands on the
    date as aforementioned.

    (PART OF THE FIRST PART) (PARTY OF THE SECOND PART)

    WITNESSES: WITNESSES:
    1. 1.
    2. 2.

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