Under agreement between X Ltd. and A Ltd., X Ltd. was awarded with the contract for supply of Machinery. Draft an Arbitration Agreement to refer disputes, if any, to two Arbitrators which are to be appointed by both the

Arbitration Agreement to Refer the Dispute to two Arbitrators This agreement is made and entered on _________ Day of _________, 20_________ at _________ Between X Ltd. acting through its _________ s/o _________ r/o _________ hereinafter referred to as the First Party AND A Ltd. acting through its _________ s/o _________ r/o _________ hereinafter referred to as Second Party. WHEREAS differences and disputes have arisen between the above-mentioned parties regarding the matter of contract for supply of Machinery and parties could not settle the matter mutually. Now, the parties agree that the matter as under be referred to arbitration to obtain an award: NOW THIS DEED WITNESSETH AS FOLLOWS: For the purpose of final determination of the dispute, the matter will be referred to Mr. _________ nominated by one party and Mr. _________ nominated by the other party as arbitrators and their award shall be final and binding on both the parties. If differences should arise between the said two arbitrators on the questions referred to them, the said arbitrators shall select an umpire and the award to be given by the umpire shall be final and both the parties hereby agree that the award so given by the umpire or arbitrators shall be binding on both the parties. A reasonable time-limit may be fixed after consulting the arbitrators for the grant of the award by them and umpire if appointed and the said time may be extended in consultation with the arbitrators or umpire if need be. The provisions of the Arbitration and Conciliation Act, 1996 so far as applicable and as are not inconsistent or repugnant to the purposes of this reference shall apply to this reference to arbitration. Both the parties agree that they would co-operate and lead evidence etc. with the arbitrators so appointed as expeditiously as possible and it is an express condition of this agreement, that if any of the parties does not cooperates or is absent at the reference, the arbitrators would be at liberty to proceed with the reference ex-parte. The parties hereto agree that this reference to arbitration would not be revoked either by death of either party or any other cause. If the arbitrators or anyone of them as chosen under this agreement become incapacitated either by death or sickness or other disability, the parties retain the right of nominating substitutes and no fresh agreement therefor would be necessary. It is an express stipulation that any award passed by the said arbitrators shall be binding on the parties, their heirs, executors and legal representatives. Having agreed to the above by both the parties, the said parties affix their signatures to this agreement on this _________ day of _________, 20_________ (month and year) at _________ (place). Signed by the above named first party _________ Signed by the above named second party _________ Witnesses 1. _________ 2. _________