SCHOOL OF LAW, KIIT UNIVERSITY
Assignment of Alternative Dispute Resolutions
For the Academic Year 2013-2014
SAMYAK SATYARANJAN TRIPATHY
BBA-LLB (8th Sem,4th year)
Agreement for the reference out of court to one arbitrator an agreement made on the 01 day of January 2012 between Rajat Gupta and Suniel Tiwari of etc. of the one part and Seema Gupta and Chinmay Tripathy of the other.
Whereas by a mortgage deed dated 01/03/2010 made between the parties the first party hypothecated its property at Bhubaneswar to secure payment of Rs. 25,00,000/- to the second party.
And whereas disputes and differences have arisen and are now subsisting between the parties hereto touching the construction of and the rights and liabilities of the parties under the said deed in particular (a) How much amount is due by Seema Gupta and Chinmay Tripathy to the said Rajat Gupta and Suniel Tiwari on account of principle and interest on the basis of the deed?(b) Whether the property mortgage and the persons of Seema Gupta and Chinmay Tripathy are also liable or not , (c) whether Seema Gupta and Chinmaya Tripathy are entitled to any instalments.
1. Now it is hereby agreed that the said disputes and differences shall be referred and the same are hereby referred to the award and determination of property of etc
2. The said arbitrator shall make his award in writing under his award in writing under his hand within three months from the date hereof and within such extended time not exceeding 6 months and he should enlarge the time of making the award.
3. The arbitrator may proceed ex parte in case either party fails to appear the reasonable notice.
4. This agreement shall remain effective and enforceable against the legal representative of either party in case of his death.
5. The provision of the Indian arbitration act, 1940 shall apply to his reference
6. The cost of this reference shall be in the discretion of the arbitrator
In witness whereof the parties hereto have affixed their signatures in the presence of witnesses.
Signature of parties
Date: 01 January 2012
2. What do you mean by International Commercial Arbitration?
The resolution of disputes under international commercial contracts is widely conducted under the auspices of several major international institutions and rule making bodies. The most significant are International Chamber of Commerce (ICC), JAMS International, the International Centre for Dispute Resolution (ICDR), the international branch of theAmerican Arbitration Association), the London Court of International Arbitration (LCIA), the Hong Kong International Arbitration Centre, and the Singapore International Arbitration Centre (SIAC). Specialist ADR bodies also exist, such as the World Intellectual Property Organisation (WIPO), which has an arbitration and mediation center and a panel of international neutrals specialising in intellectual property and technology related disputes.
A number of arbitral institutions have adopted the UNCITRAL Rules for use in international cases.
The most salient feature of the rules of the ICC is its use of the "terms of reference." The “terms of reference” is a summary of the claims and issues in dispute and the particulars of the procedure, and it is prepared by the tribunal and signed by the parties near the beginning of the proceedings.
In a more recent development, the Swiss Chambers of Commerce of Industry of Basel, Berne, Geneva, Lausanne, Lugano, Neuchâtel and Zurich have adopted a new set of Swiss Rules of Commercial Mediation that are designed to integrate fully with the Swiss Rules of International Arbitration that were previously adopted by these chambers to...