Agreement staying action and referring matters in dispute in accordance with arbitration agreement
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 here to be came partners in the business of ______ under the terms of articles of partnership dated the _____ day of _____ and made between the parties hereto and in the same order and it was thereby agreed that all future differences and disputes between the parties should be referred to two arbitrators one to be appointed by each party.
- By a writ issued the _______ day of ______ the said [plaintiff] commenced an action against the said [defendant] in the ________ Court claiming relief in respect of certain alleged breaches of the said articles of partnership and of other matters within the meaning of the said agreement for reference. ?
NOW IT IS HEREBY AGREED between the parties hereto as follows:
- All matters in difference between the parties here to whether in the said action or otherwise in reference to the said partnership are hereby referred to the award and final determination of _____________________________________ [insert the name, address etc. of sole arbitrator]. ?
- The arbitrator shall have power to award a dissolution and winding-up of the said partnership and the terms thereof and also at any stage of the proceedings to direct that an application be made to the court in the said action to appoint a receiver and manager of the said business and both parties shall concur in any application so directed and this agreement shall be evidence of such concurrence.
- The arbitrator may employ and remunerate any accountant or valuer. ?
- All proceedings in the said action shall be stayed except such proceedings as may be necessary to carry this agreement into effect. ?
- Each party shall bear his own costs hitherto incurred in the said action. ?
AS WITNESS etc.
[Signatures of both parties]
