Arbitration Agreement
THIS AGREEMENT dated as of Effective Date of Agreement (ie. July 1, 2000) between Name of Party 1, of Address of Party 1 (the “1st Party”) and Name of Party 2, of Address of Party 2 (the “2nd Party”).
WHEREAS: (A) The parties are involved in a dispute which relates to Briefly Describe the Dispute between the Parties (ie. the sale of raw plastic resin by the 1st Party to the 2nd Party on July 15, 1999 which the 2nd Party alleges was defective) (the "Dispute"); The parties wish to refer the dispute to arbitration with a view to resolving the Dispute in an efficient, expeditious and inexpensive manner;
(B)
NOW THEREFORE, in consideration of the premises, the mutual covenants and conditions hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. The parties agree that the Dispute shall forthwith be referred to arbitration (the "Arbitration") pursuant to the rules of the Describe Arbitration Association (ie. American Arbitration Association). The Arbitration shall be governed by the following rules: (a) the Dispute shall be heard and determined by a single arbitrator (the "Arbitrator") who shall be selected by agreement of both parties hereto. The Arbitrator shall make his or her award in writing either within three (3) months after entering on the reference or after having been called on to act by notice in writing from either party to the submission, whichever is the earlier, or on or before any later date to which the parties by writing signed by them may from time to time enlarge the time for making the award; the arbitrator shall have the authority to award costs to whichever party he or she deems appropriate, failing which the costs shall be borne equally; if the arbitrator has allowed his time or extended time for making an award to expire without making an award, either party hereto may apply to the court having appropriate jurisdiction or to a judge thereof to appoint an arbitrator who shall have the power to act in the reference and to make an award as if he or she had been duly appointed by both parties to the submission and by the consent of such parties; if an arbitrator is appointed pursuant to paragraph 2(b) above, such arbitrator shall
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(b)
(c)
(d)
-2make his award within one (1) month after the original or extended time appointed for making the award of the arbitrator has expired or on or before any later date to which the parties by any writing signed by them may from time to time enlarge the time for making the award, or if the parties have not agreed, then within such time as the court or judge appointing such arbitrator may impose; (e) the decision of the Arbitrator shall be final, conclusive and binding upon the parties hereto; and there shall be an appeal from the award of the arbitrators or arbitrator in accordance with the provisions of the court having appropriate jurisdiction.
(f)
3.
The parties agree that the statement of facts which will be presented to the Arbitrator is as set out in Schedule "A" hereto. This Agreement is sets forth the entire agreement between the parties relating to the subject matter hereof and stands in the place of any previous agreement, whether oral or in writing. The parties agree that no amendment to this Agreement shall be binding upon the parties unless it is in writing and executed by both parties. This Agreement shall enure to the benefit of and be binding upon the respective heirs, executors, administrators and assigns of each of the parties hereto. This Agreement may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same instrument.
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5.
6.
IN WITNESS WHEREOF this Agreement has been executed by the parties hereto as of the date first above written.
Witness
1st Party
Witness
2nd Party
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Schedule "A" Agreed Statement of Facts
Itemize all the facts to the Dispute which are agreed upon