In case of any dispute, disagreement or claim arising between the parties (hereinafter referred to as the dispute) concerning this agreement, the parties shall try to resolve the dispute by negotiation. Negotiation here means an invitation to be sent by one party to the other in writing for a meeting and an attempt by both, in the meeting, to resolve the dispute within 14 days from date of the written invitation or such other duration as may be agreed upon by both the parties in writing.
If the dispute has not been resolved by such negotiation, the parties shall submit the dispute to Vakeel International Arbitration and Mediation Centre (hereinafter referred to as Center) administered mediation, upon terms set by the Centre.
Failing such a resolution, the dispute, if arbitrable in law, shall be finally resolved in accordance with the Arbitration and Conciliation Act, 1996 by an arbitrator/a panel of arbitrators appointed/nominated by the _______________through the Centre.
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 authorised 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 authorised 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 authorised 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.