ARBITRATION AGREEMENT

Arbitration is a popular method to resolve commercial disputes whether national or international. while drafting an arbitration agreement you have to take care of many things to avoid any possible legal dispute and confusion among the parties. Here I have the list of particulars that one has to keep in mind while drafting the agreement. The list is not exhaustive, suggestions will be appreciated.

Particulars

1. Mandatory reference to arbitration
2. Place of arbitration
3. Disputes that are to be referred to arbitration and disputes that are to be excluded from arbitration
4. Number of arbitrators
5. Procedure for appointment of arbitrators
6. Qualifications of arbitrators to be appointed
7. Neutrality of the arbitrators (as belonging to neither party’s jurisdiction or not connected with any party)
8. Reference to specific law which be applied
9. Appointing body in case parties fail to agree on the arbitrators
10. Language of arbitration
11. Time-limit for completion of arbitral proceedings
12. Costs and legal fee
13. Final and binding nature of the award
14. Confidentiality
15. Waiver of right to challenge the arbitral award?
16. Rules applicable for procedural aspects of arbitration
17. Court which would have jurisdiction for proceedings supporting the arbitration
18. Waiver of sovereign immunity in case a government or its instrumentality is a party