Arbitral Agreement In India

If an arbitration agreement and relevant rules are not applicable to the case, the arbitral tribunal shall be composed of a single arbitrator appointed by mutual agreement between the parties. In the absence of consensus, the parties may apply to the competent court to appoint a sole arbitrator. The Parties shall endeavour, in good faith, to resolve immediately any dispute arising out of or related to this Agreement through negotiations between officers empowered to settle the controversy and at a higher level of management than the persons directly responsible for the management of this Agreement. Either party may inform the other party in writing of any dispute that has not been resolved in normal business. Within fifteen days of notification, the receiving party must send a written reply to the other party. The communication and response shall include, with appropriate particularity (a), a statement of each party`s position and a summary of the arguments supporting that position, as well as (b) the name and title of the executive who will represent that party and any other person who will accompany the executive. Within thirty days of notification, the leaders of both Parties shall meet at a mutually acceptable time and place. Unless otherwise agreed in writing by the parties to the negotiations, the negotiation described above shall end with the end of the first meeting of the leaders described above (“first meeting”). This conclusion does not preclude further or, where appropriate, subsequent negotiations. All offers, promises, practices and statements made orally or in writing by either party, their representatives, associates, experts and lawyers during the negotiations are confidential, privileged and inadmissible or inadmissible for any purpose, including dismissal, in arbitration or other proceedings involving the parties, provided that evidence that is otherwise admitted or found, are not rendered inadmissible or untraceable because of their use during the negotiation. At no time prior to the first meeting may a party initiate arbitration or litigation proceedings in connection with this Agreement unless an interim appeal, permitted by law or by agreement between the parties, is filed.

However, this restriction shall not apply to a Party if the other Party refuses to comply with the requirements of paragraph 1 above. . . .