What is an Arbitration Agreement? What is the form of making an arbitration agreement?
Meaning of Arbitration agreement – Chapter II – section 7 of the Arbitration and Conciliation Act, 1996 –
- In this Part, ‘arbitration agreement’ means an agreement by the parties to submit to arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship, whether contractual or not.
Form of an Arbitration Agreement –
- An arbitration agreement may be in the form of an arbitration clause in a contract or in the form of a separate agreement.
- An arbitration agreement shall be in writing.
- An arbitration agreement is in writing if it is contained in-
- a document signed by the parties;
- an exchange of letters, telex, telegrams or other means of telecommunication which provide a record of the agreement; or
- an exchange of statements of claim and defence in which the existence of the agreement is alleged by one party and not denied by the other.
- The reference in a contract to a document containing an arbitration clause constitutes an arbitration agreement if the contract is in writing and the reference is such as to make that arbitration clause part of the contract.
What is an Arbitration Agreement &form of making – Kanoon