Arbitration Clause In Building Agreement
For example, sections 5(2) to (6) of the English Arbitration Act 1996 provide that an arbitration agreement is to be entered into in writing if one of the following conditions applies: arbitration is often the necessary means of dispute resolution in construction contracts. The parties to the agreement opt for arbitration because they want disputes to be resolved quickly, efficiently and at a lower cost. To achieve these objectives, it is essential that the contractual clause that requires arbitration is well formulated. the language of ADR Systems` model clause is a start; However, lawyers should tailor the arbitration clause to the types of disputes that may arise between their clients. 3. Such appointment shall be for a period of five years, calculated from the date of this Agreement. However, it may be extended for a further period of up to five years. . . .