This Agreement is made at ... this ... day of …………. between Mr. ZA of ……….. residing at ……….... hereinafter referred to as the Party of the First Part and Mr. KB of ………... residing at …………………. hereinafter referred to as the Party of the Second Part.
Whereas by an Agreement for the construction of building, dated the ... day of ... entered into between the parties hereto, the Party of the First Part entrusted the work of constructing a building on his plot of land situated at... to the Party of the Second Part on the terms and conditions therein mentioned.
And Whereas the Party of the Second Part has commenced the construction of the building according to the plans sanctioned by the... Municipal Corporation and has completed the construction to the extent of the 1st floor level.
And Whereas the Party of First Part has made certain payments to the Party of the Second Part on account but the Party of the Second Part is pressing for more payments which according to the Party of the First Part he is not bound to pay and, therefore the work has come to a standstill.
And Whereas disputes have therefore arisen between the parties hereto regarding the interpretation of certain provisions of the said agreement and also regarding the quality of construction and delay in the work.
And Whereas the said agreement provides that in the event of any dispute or difference arising between the parties the same shall be referred to arbitration of a common arbitrator if agreed upon or otherwise to three Arbitrators and the Arbitration shall be governed by the provisions of the Arbitration & Conciliation Act, 1996.
And Whereas the parties have agreed to refer all the disputes regarding the said contract, to Mr........, as common Arbitrator and have proposed to enter into this Agreement for reference of the disputes to the sole arbitration of the said Mr.……….
Now It Is Agreed Between The Parties Hereto As Follows:
That the following points of dispute arising out of the said agreement dated... are hereby referred to the sole arbitration of the said Mr.... for his decision and award.
The points of dispute are:
Whether the Party of the Second Part has carried out the work according to the sanctioned plans and specifications.
Whether the Party of the Second Part has delayed the construction.
Whether the Party of the Second Part is overpaid for the work done up to now.
Whether Party of the First Part is bound to make any further payment over and above the payments made up to now for the work actually done.
All other claims of one party against the other party arising out of the said contract up to now.