Requirements of Arbitration Agreement
What are the requirements of an arbitration agreement?
- Answered on 02:22 PM, 28 Sep 18
The requirements of an arbitration agreement are:-
Section 7(3) of the Act requires that the arbitration agreement must be in writing.
Section 7(2) provides that it may be in the form of an arbitration clause in a contract or it may be in the form of a separate agreement.
Under Section 7(4), an arbitration agreement is in writing, if it is contained in : (a) a document signed by the parties, (b) an exchange of letters, telex, telegrams or other means of telecommunication, providing a record of agreement, (c) or an exchange of claims and defense in which the existence of the agreement is alleged by one party and not denied by the other.
In section 7(5), it is provided that a document containing an arbitration clause may be adopted by "reference", by a contract in writing.