This agreement caters for whether the arbitrator's determination is final and binding and also whether it is capable of appeal. It further caters for arbitrators fees and the method of conducting the arbitration.
Sample
"1 . A dispute has arisen between the Parties ("the Dispute"), which is briefly described in the Schedule.
2 . The Parties have requested the Arbitrator, and the Arbitrator has agreed, on the terms and conditions of this Agreement, to resolve the Dispute.
OPERATIVE PART
The Parties agree that subject to this Agreement the Arbitrator has all the powers and discretions conferred by the Commercial Arbitration Act 1984 and by law.
Accordingly, the Arbitrator will act as an expert and his determination will be final and binding upon the Parties and will take effect as a court judgement upon the Parties with the right for either the Arbitrator or any party to enter such judgement and to act upon it, as an order of court.
1 . APPOINTMENT AND ROLE OF ARBITRATOR
1 . 1 The Parties appoint the Arbitrator to resolve the Dispute.
1 . 2 The Arbitrator will endeavour to reach a resolution of the Dispute.
1 . 3 The Arbitrator will make decisions and impose decisions on the Parties.
2 . CONDUCT OF ARBITRATION
2 . 1 The Parties must:....."
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Arbitration agreement - to appoint arbitrator-COMM 54
