Any trade agreement /contract, entered into between the parties, be it – sales contract, export contract, partnership deed, partition deed, property sales agreement , promissory notes etc., should have the following Arbitration Agreement Clause included in it as detailed below:
A separate arbitration agreement may be entered into between the parties, only with the following Arbitration Agreement Clause with details of the contract:
“Any and all controversy(ies)/dispute(s)/difference(s)/claim(s) arsing out of or in connection with or in relation to this contract/partnership deed/ partition deed/property sales agreement/pronote (mention the relevant matter) entered into between us shall be referred to and resolved by arbitration by one or three (specify the number) Arbitrator(s) nominated by the Chamber Arbitration Tribunal (ChaAT), Madurai, established by Tamilnadu Chamber of Commerce & Industry, Madurai and administered by Tamilnadu Chamber Foundation, Madurai and Chamber Arbitration Tribunal (ChaAT) Rules, 2007 shall prevail. Both the parties agree that the Arbitral Award so rendered by ChaAT shall be binding on them. The proceedings shall be in English or Tamil or bilingual (English and Tamil) – (specify the language) and the venue shall be Madurai (specify the city)”.
Both parties should sign the contract/agreement/deed and each one can have an original copy of the same. In case of any dispute relating to the said contract/agreement/deed/pronote, any one party may approach the Chamber Arbitration Tribunal-ChaAT, to get necessary legal remedy.