Agreement to refer action and matters of account to single arbitrator
AN AGREEMENT made the ______ day of ______
BETWEEN
________________________________________________ [insert the name, address etc. of plaintiff] of the one part
and
__________________________________________________[insert the name, address etc. of defendant] of the other part.
WHEREAS:
- The parties hereto carry on their respective businesses at their respective above-stated addresses and for some years past they have had mutual dealings and transactions together.
- There has been no settlement of accounts between the parties for some years past.
- An action of [plaintiff] v.[defendant] 20____ [letter] No.______ is now pending in the ________ Court in which the said [plaintiff] is the plaintiff and the said [defendant] is the defendant and in which the plaintiff claims certain relief against the defendant in respect of the said dealings and transactions And by way of counter-claim to the plaintiff’s demand the defendant also claims certain relief against the plaintiff in respect of the said dealings and transactions.
- The parties hereto are desirous of putting an end to the said action and differences.
NOW IT IS HEREBY AGREED between the parties hereto as follows:
- All matters in difference between the parties hereto touching the said dealings and transactions whether included in the said action or not and all the accounts relating to the said dealings are hereby referred to the award and final determination of ________________________ [insert the name, address etc. arbitrator].
- The arbitrator shall be at liberty should he so think fit to investigate the whole of the accounts dealings and transactions between the parties from the _____ day of _______ onwards and to determine the true state of the accounts between the parties notwithstanding lapse of time and any statute of limitations.
- All proceedings in the said action [plaintiff] v. [defendant] shall bestayed save in so far as may be necessary to give effect to this agreement. The costs of the action as well of this arbitration shall be in the discretion of the arbitrator who may award by and to whom the same shall be paid and may direct them to be taxed as between solicitor and client.
- The arbitrator shall have power to call for the production of any books or papers in the possession or power of either of the parties and shall have power to order that either party shall in the meantime have access to and be at liberty to inspect and take copies of all or any of the books or papers in the custody or power of either of the parties relating to the matters in difference.
- Each of the parties shall within fourteen days from the date hereof deliver to the other party and to the arbitrator a full and particular statement in writing of the matters and things in respect of which he claims any relief against the other party and only matters included or referred to in the statement shall be taken into consideration by the arbitrator.
- The arbitrator shall be at liberty to employ an accountant to assist him and charge the remuneration of such accountant in the cost of his award.
- The arbitrator shall have power to order and direct what he shall think fit to be done by either of the parties hereto respecting the matters in difference.
- The arbitrator shall have power to proceed ex-parte in case either party fail after reasonable notice to attend before him.
- The respective parties hereto will do and cause to be done all other things necessary and convenient for enabling the arbitrator to make his award without delay.
AS WITNESS etc.
[Signatures of both parties]
