H – ARBITRATION Clause Samples
The Arbitration clause establishes that any disputes arising under the contract will be resolved through arbitration rather than through court litigation. Typically, this clause outlines the process for selecting arbitrators, the rules governing the arbitration proceedings, and the location where arbitration will take place. By mandating arbitration, the clause provides a private, often faster and less formal method for resolving conflicts, thereby reducing the time and costs associated with traditional legal proceedings and ensuring a clear, agreed-upon mechanism for dispute resolution.
H – ARBITRATION. Any Dispute arising out of, or in connection with this Agreement, failing amicable settlement, shall be finally settled by binding arbitration under the Arbitration and Conciliation Act, 1996. This place of arbitration shall be Delhi/New Delhi. The language used in the arbitration proceedings shall be English. The procedure to be followed for the arbitration, including the appointment of arbitrator/arbitral tribunal, the rules of evidence which are to apply shall be in accordance with the Arbitration and Conciliation Act, 1996. The dispute if arises, will be referred to the Sole Arbitrator, appointed by the Managing Director/Chairman, DTIDC. Any decision or award resulting from arbitration shall be final and binding upon the parties. The parties hereto hereby waive, to the extent permitted by law, any right to appeal or to review such awards by any court or tribunal. The parties hereto agree that the arbitral award may be enforced against the parties to the arbitration proceeding or their assets wherever they may be found and that a judgement upon the arbitral award may be entered in any court having jurisdiction thereof. The fees and expenses of the arbitrator and all other expenses of the arbitration shall be initially borne and paid by respective parties subject to determination by the arbitrator.
H – ARBITRATION. After the above methods of mediation have failed to produce a satisfactory agreement between said employer and employees, the Board of Public Works and Safety, or Clerk- Treasurer and the Union shall jointly apply within five (5) working days to the United States Mediation and Conciliation Service or American Arbitration Association for a list of at least seven