ARBITRATION AGREEMENT

This ARBITRATION AGREEMENT (hereinafter referred to as “the Agreement”) is made on [INSERT THE DATE ON WHICH AGREEMENT COMES INTO FORCE] hereinafter referred as the “Effective Date”) between:

[INSERT THE NAME OF PARTY A], having registered office at [INSERT THE ADDRESS OF PARTY A] (hereinafter referred as the “Party A”). which expression shall, unless repugnant to the context or meaning thereof, means and includes its legal representatives, executors, administrators and permitted assigns);

And

[INSERT THE NAME OF PARTY B], having registered office at [INSERT THE ADDRESS OF PARTY B] (hereinafter referred as the “Party B”). which expression shall, unless repugnant to the context or meaning thereof, means and includes its legal representatives, executors, administrators and permitted assigns);

The “Party A” and the “Party B” shall be collectively referred to as “Parties” and individually as “Party”.

WHEREAS

1. The Parties have entered into [INSERT THE NAME OF AGREEMENT] (the "Agreement") dated [INSERT THE DATE ON WHICH AGREEMENT COMES INTO FORCE], annexed hereinafter as Annexure A of this Agreement;
2. The Parties anticipate that disputes or disagreements may arise from time to time in connection with the performance, interpretation, or breach of the Agreement;
3. The Parties desire to provide for a prompt and efficient resolution of such disputes without resorting to lengthy and costly litigation;
4. The Parties believe that arbitration is a fair and mutually acceptable method of resolving disputes, providing a neutral forum for the resolution of controversies;
5. The parties wish to enter into a contract in writing.

NOW, THEREFORE IN CONSIDERATION OF THE MUTUAL PREMISES, THE PARTIES HERETO AGREE AS FOLLOWS:

1. ARBITRATION PROCESS
   1. Any dispute, controversy, or claim arising out of or relating to the subject matter of any agreement, contract, or transaction between the Parties, or the breach, termination, enforcement, interpretation, or validity thereof, shall be resolved through arbitration in accordance with the rules and procedures of [INSERT THE ARBITRATION PROCEDURE] or any other mutually agreed-upon arbitration service. The Parties agree to submit to the exclusive jurisdiction of the chosen arbitration service and waive any rights to pursue resolution through litigation.
2. APPOINTMENT OF ARBITRATOR
   1. It is determined by the parties that disputes shall be settled by [INSERT THE NO OF ARBITRATORS WHO SHALL SETTLE THE DISPUTE] Arbitrator(s).
   2. Within [INSERT THE PERIOD AFTER NOTICE OF DISPUTE WITHIN WHICH ARBITRATOR SHALL BE APPOINTED] days of either Party notifying the other Party of the existence of a dispute, the Parties shall appoint the arbitrator(s). If the Arbitrator is not chosen within the [INSERT THE PERIOD AFTER NOTICE OF DISPUTE WITHIN WHICH ARBITRATOR SHALL BE APPOINTED] days, the [INSERT THE NAME OF ARBITRATION ASSOCIATION] shall appoint the arbitrator(s). The Arbitrator(s) shall be bound by the applicable and governing laws of [INSERT THE COUNTRY/STATE WHOSE ARBITRATIONS LAWS SHALL BE APPLICABLE].
3. ARBITRATION PROCEEDING
   1. The Arbitration shall take place in [INSERT THE PLACE OF ARBITRATION], or any other location agreed upon by the Parties. The arbitration proceedings shall be conducted in accordance with the applicable rules of the chosen arbitration procedure.
   2. The Arbitrators shall issue a written decision, which shall be final and binding on the Parties, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.
   3. The parties undertake to pay half of the arbitration expenses that shall be notified subsequent to filing the dispute as an advance payment. Each party also undertakes to pay his share of the total expenses determined within the Arbitral Award.
   4. The said Arbitrators shall make their Award within a period of [INSERT DAYS/MONTHS WITHIN WHICH ARBITRATORS SHALL MAKE THEIR AWARD] from the date of execution of this Agreement.
   5. The said Arbitrators shall allow the parties to file their respective claims and contentions and to file documents relied upon by them within such reasonable time as the Arbitrators may direct.
4. DECLARATION
   1. The parties hereby understand and expressly agree to the provisions laid down in the present agreement and in good faith, undertake that both parties shall follow the terms of this agreement in good conscience in order to secure better growth of both the Parties.

IN WITNESS WHEREOF, the parties, intending to be legally bound, have each executed this agreement as of the effective date.

Signed, sealed and delivered on behalf of Party A

Name: [INSERT THE NAME OF PARTY A/SIGNING AUTHORITY AND DESIGNATION]

Signature:

Date: [INSERT THE DATE ON WHICH PARTY A SIGNS THE AGREEMENT]

Signed, sealed and delivered on behalf of Party B

Name: [INSERT THE NAME OF PARTY B/SIGNING AUTHORITY AND DESIGNATION]

Signature:

Date: [INSERT THE DATE ON WHICH PARTY B SIGNS THE AGREEMENT]

ANNEXURE A

[MENTION AGREEMENT]