Model Arbitration Clause

Model Arbitration Clause :

Disputes may be referred to NPAC, Chennai through a procedure administered by the Centre in two ways:
1. By insertion of a clause in a contract providing for the reference of all disputes in relation to or arising out of that contract between the parties.
2. By a separate agreement providing for the reference of an existing dispute to NPAC for arbitration in accordance with its rules.

Clause to be included in the contracts to be entered for Institutional Arbitration:

Any claim, dispute or difference relating to or arising out of this agreement shall be referred to the arbitration of the Nani Palkhivala Arbitration Centre currently functioning at New No. 22, Karpagambal Nagar, Mylapore, Chennai-600004, which will appoint the Sole Arbitrator and will conduct the Arbitration in accordance with its rules for conduct of Arbitration proceedings then in force and applicable to the proceedings.

If the parties desire to appoint three arbitrators, then while each of the parties shall appoint one Arbitrator, the Centre will appoint the third arbitrator who shall act as the Presiding Arbitrator. Such arbitration shall be the sole and exclusive remedy between the parties with respect to all such disputes. The arbitration shall take place in Chennai, Tamil Nadu and the proceedings shall be in English. The Arbitration Award shall be final and binding on the parties.