Agreement between vendor and purchaser to refer disputes as to title and compensation to barrister
AN AGREEMENT made the _________ day of ________
BETWEEN
______________________________________________ [insert the name, address etc. of vendor] (hereinafter called the vendor) of the one part
and
_______________________________________________ [insert the name, address etc. of purchaser] (hereinafter called the purchaser) of the other part.
WHEREAS:?
- By an agreement dated the _____ day of ______ written at the foot of certain conditions of sale and made between the parties hereto the vendor agreed to sell to the purchaser the property described as Lot ________________ in the particulars of sale thereto annexed at the price of Rs. ____________ Upon the examination of the title to the said property it was discovered as the purchaser alleges that part thereof containing ________ or thereabouts is of leasehold tenure held for a term of ______ years which are unexpired and that further part thereof is subject to a charge of Rs. ______ which was not disclosed in the particulars or conditions of sale.
- Thepurchaserisneverthelesswillingtocompletethepurchaseupon being allowed an abatement from his purchase money in respect of the matters aforesaid.
- Thepurchaserhasdeliveredtothevendorcertainotherobjectionsand requisitions as to title conveyance and otherwise which the purchaser contends have not been sufficiently answered and he alleges that in other respects than is hereinbefore mentioned the vendor has not shown a good title to the said property.
- Other questions arising out of the contract of purchase are pending between the parties hereto.?The parties have agreed to refer the said matters to arbitration.
NOW IT IS HEREBY AGREED as follows:
- All questions in difference between the parties hereto touching the matters hereinbefore recited and all other questions arising out of the said contract of purchase or the completion thereof or the rights duties or liabilities of the parties hereto thereunder which have already arisen or shall hereafter arise before the completion of the purchase are hereby referred to the award and final determination of [arbitrator] of [Court] barrister-at-law.
- Without prejudice to the general powers conferred by the preceding clause it is expressly declared that the arbitrator shall have the following powers that is to say:
- Power to determine whether a good title pursuant to the said agreement of purchase can be made to the whole of the property comprised in the said contract of purchase and if not whether any and what abatement ought to be made in the purchase money in respect of any defect in such title;
- Power to obtain the assistance of such surveyor valuer or other expert as he shall think fit and to adopt any statement survey valuation or report thus obtained;
- Power to determine whether the requisitions and objections of the purchaser have been sufficiently answered and if not power to direct what further shall be done in order to comply with such requisitions;
- Power to award damages and direct the payment of costs by either party or by both parties.
- The arbitrator shall have all the powers given to arbitrators by the Arbitration and Conciliation Act, 2015 and shall make his award under his hand on or before the _____ day of _____ next or within such extended time not exceeding one month thereafter as he shall by writing under his hand appoint.
- The arbitrator shall settle as between the parties the conveyance of the property comprised in the contract of purchase.
- 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.
AS [or IN] WITNESS etc.
[Signatures of both parties]
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