MODEL ARB-MED-ARB CLAUSE
MODEL ARB-MED-ARB CLAUSE
Any dispute or difference arising out of or in connection with this contract, including any question regarding its construction, meaning, scope, operation, existence, validity or termination, shall be referred to and finally resolved by arbitration in accordance with the provisions of Arbitration and Conciliation Act 1996 or any statutory amendment thereof. The dispute shall be referred to a single arbitrator/panel of arbitrators who be appointed by the authorized representative / Director of ______. The arbitrator appointment/nomination shall be through/via Vakeel International Arbitration and Mediation Centre. The ____________(party) shall not challenge the nomination/appointment of Arbitrator or his award on the ground that the nomination is made by authorized representative / Director of ________.
It is further agreed that following the commencement of arbitration, the parties will attempt, in good faith to resolve such dispute, difference or controversy through mediation, as per the Arbitration and Conciliation Act, 1996 through a mediator/panel of mediators appointed/nominated by authorized representative/Director of ________________. Such appointment shall be made through/via Vakeel International Arbitration and Mediation Centre.
Any settlement reached in course of mediation shall be referred to the arbitral panel appointed through the Centre and may be made a consent award on agreed terms. Such award shall be final and binding on both the parties.