Common use of CONCILIATION & ARBITRATION Clause in Contracts

CONCILIATION & ARBITRATION. “Except where otherwise provided in the contract all matters, question or differences whatsoever, which shall at any time arise between the parties hereto, touching the construction, meaning, operation or effect of the contract or out of matter relating to the contract or the breach thereof or the respective rights or liabilities of the parties during or after completion of the works or whether before or after termination, shall after written notice by either by either party to the contract be referred to the arbitration of the Unit Head/ED/Functional Director/Chairman & Managing Director, National Fertilizers Ltd. or his/her nominee. The arbitration & Conciliation Act, 1996 or any statutory modification or reenactment thereof and the rules made there under shall govern the Arbitration proceedings. The contractor ▇▇▇▇▇ agrees that he shall have no objection if the arbitrator so appointed is an employee of NFL and he had to deal with the matter to which contract relates and that in the course of his duties as such he has expressed his views on all or any of the matter in dispute of differences. It is agreed by and between the parties that in case a reference is made to the Arbitrator or the Arbitral Tribunal for the purpose of resolving the disputes/differences arising out of contract by and between the parties hereto, the Arbitrator or the Arbitral Tribunal shall not award interest on the awarded amount more than the rate of SBI PLR/ Base rate as applicable to NFL on date of award of contract.”

CONCILIATION & ARBITRATION. “Except where otherwise provided in the contract all matters, question questions or differences whatsoever, which shall at any time arise between the parties hereto, touching the construction,, meaning, operation or effect of the contract or out of matter the matters relating to the contract or the breach thereof or the respective rights or liabilities of the parties whether during or after completion of the works or whether before or after termination, shall after written notice by either by either party to the contract be referred to the arbitration of the designated Unit Head/ED/Functional Director/Chairman & Managing Executive Director, National Fertilizers Ltd. Ltd., or his/her nominee. The arbitration & Arbitration and Conciliation Act, 1996 or any statutory modification or reenactment thereof and the rules made there under shall govern the Arbitration proceedings. The contractor ▇▇▇▇▇ Contractor hereby agrees that he shall have no objection if the arbitrator so appointed is an employee of NFL and he had to deal with the matter to which the contract relates and that in the course of his duties as such he has expressed his views on all or any of the matter in dispute of or differences. If the arbitrator to whom matter is referred, vacates his/her office by any reason whatsoever then the next Arbitrator so appointed by the authority referred above may start the proceedings from where his predecessor left or at any such stage he may deem fit. It is agreed by and between the parties Parties that in case a reference is made to the Arbitrator or the Arbitral Tribunal for the purpose of resolving the disputes/differences arising out of the contract by and between the parties Parties hereto, the Arbitrator or the Arbitral Tribunal shall not award interest on the awarded amount more than the rate of SBI PLR/ PLR/Base rate Rate as applicable to NFL on the date of award of contract”.”