About Valid Arbitration Agreement
Many statutes defines arbitration agreement as “an agreement by the parties to submit to arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship whether contractual or not”.
What are the essentials of a valid arbitration agreement?
The essentials of a valid and binding arbitration agreement as follows:
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*Law requires that the arbitration agreement must be in writing. It simply means that the terms of the arbitration agreement must be placed in writing and it must be stated in writing that the parties agreed to the settlement of disputes by arbitration.
However, it shall be presumed to be in writing if an arbitration agreement contains a document signed by the parties.Thus, an arbitration agreement is not required to be in any form. What it is required to be ascertained is whether the parties have agreed that if dispute arise between them in respect of subject matter of the contract, such dispute shall be referred to arbitration. Then such agreement would spell out an arbitration agreement.
*The agreement should be to refer either a present or future dispute for arbitration. Thus, existence of a dispute or difference is essential to the validity of a reference to arbitration.
*Parties to the arbitration agreement must be competent to contract.
*All parties interested to the matter in disputed must give their consent to the arbitration agreement.
*Terms in the arbitration agreement must be definite and certain. *Matter or the dispute to be referred to arbitration must not be immoral or illegal.
However, it is not necessary to name the arbitrator in the arbitration agreement. The names of the person who will act as an arbitrator could be determined after entering in to arbitration agreement. But, when it determine, it should be fixed and definite. For an instance, an arbitrator agreement which refers as either ‘A’ or ‘B’ is not fixed and definite.
However, it is worth noting that in spite of a dispute concerning a contract containing an arbitration clause, the parties are not bound to have recourse to arbitration.
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