THIS AGREEMENT is made theday ofBETWEEN AB etc., of the one part AND CD, etc., of the other
WHEREAS the parties hereto have been carrying on the business; in general merchandise in the
partnership under the partnership deed dated………whereunder each party is entitled to equal share in
the profit and loss therefrom;
AND WHEREAS the disputes and difference have arisen between the parties aforementioned and it is
impossible to carry on the said business in the partnership; and
AND WHEREAS the parties have agreed to refer the dispute to the arbitration of three arbitrators,
namely X, Y and Z.
NOW IT IS HEREBY AGREED between the aforesaid parties as follows:

  1. The arbitrators will have the power to decide and determine the following matter, which
    are referred to their final determination and award-
  2. The arbitrators shall enter upon the reference on or about theand shall deliver their award
    as expeditiously as possible.
  3. The decision and the award of the arbitrators shall be final and conclusive and binding on
    the parties hereto.
  4. The said X shall be the President of the tribunal of arbitration who shall be responsible to
    arrange the sittings and conduct of the arbitration proceedings.
  5. If there is any difference of opinion between the arbitrators the decision of the majority
    shall prevail.
  6. The arbitrators may proceed ex parte in case either party fails to appear after reasonable
  7. The arbitrators shall be paid a fee of RSand such fees as well as the costs of the
    reference and other expenses incidental to the arbitration shall be borne and paid by such of the parties
    or by both parties in such proportion as the arbitrators shall by their award direct.
  8. The arbitrators may, from time to time, call upon any party to submit such documents as
    they may require for perusal and consideration in connection with the arbitration.
  9. This agreement shall remain effective and enforceable against the legal representatives of
    either party in case of his death.
  10. The arbitrators may appoint an accountant to examine the account of the parties if they
    think it necessary and the remuneration of the accountant as determined by the arbitrators shall be the
    costs in the reference to be paid by the parties as the arbitrators may direct in their award.
  11. The arbitrators will be entitled to award money

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