This is an Arbitration Agreement between the two parties named below.
WHEREAS:
(A) The parties are involved in a dispute;
(B) The parties wish to refer the dispute to binding arbitration with a view to resolving the Dispute in an efficient, expeditious and inexpensive manner; In consideration of the premises, the mutual covenants and conditions hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which s hereby acknowledged, the parties agree as follows:
- The parties agree that the Dispute shall forthwith be referred to arbitration (the “Arbitration”) pursuant to the rules of the Indian Arbitration statutes.
- The Arbitration shall be governed by the following rules:
(a) the Dispute shall be heard and determined by a single arbitrator (“Arbitrator”) who
shall be selected by agreement of both parties hereto. The Arbitrator shall make his or her award in writing either within three (3) months after entering on the reference or after having been called on to act by notice in writing from either party to the submission, whichever is the earlier, or on or before any later date to which the parties by writing signed by them may from time to time enlarge the time for making the award;
(b) the arbitrator shall have the authority to award costs to whichever party he or she deems appropriate, failing which the costs shall be borne equally;
(c) if the arbitrator has allowed his time or extended time for making an award to expire without making an award, either party hereto may apply to the court having appropriate jurisdiction or to a judge thereof to appoint an arbitrator who shall have the power to act in the reference and to make an award as if he or she had been duly appointed by both parties to the submission and by the consent of such parties;
(d) if an arbitrator is appointed pursuant to paragraph 2(b) above, such arbitrator shall make his award within two months after the original or extended time appointed for making the award of the arbitrator has expired or on or before any later date to which the parties by any writing signed by them may from time to time enlarge the time for making the award, or if the parties have not agreed, then within such time as the court or judge appointing such arbitrator may impose;….
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