Draft the following: A specimen of Arbitration Agreement between two private companies to refer the dispute to two Arbitrators. On the assumed facts, examinee is expected to write minimum five main stipulations of the ag

This agreement is made and entered into between Mr. ............ and Mr. ............ on this ... day of .......20..... witnesseth as follows: WHEREAS differences and disputes have arisen between the parties above-mentioned regarding the matter of ............ and the parties could not mutually settle the matter. Now the parties agree that the matter as under be referred to arbitration to obtain an award: 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 question referred to them, the said arbitrators shall select an umpire and the ward 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 of arbitration. Both the parties agree that they would co-operate and lead evidence etc., with the arbitrator so appointed as expeditiously as possible and it is an express condition of this agreement, that if any of the parties non-cooperate 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 any 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 thereof 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 this............ day ............20...... at............ Signature I Signature II