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Submission Of Partnership Disputes To Arbitration
1. Parties. The undersigned are all of the Partners in a General Partnership created by an agreement dated [date] (Partnership Agreement), and doing business under the name [name] in [county, state].
2. Matters Submitted to Arbitration. To parties agree to submit to arbitration the following claims or disputes relating to the Partnership Agreement: [brief descriptions].
3. Terms of Arbitration. All matter submitted to arbitration shall be subject to arbitration in accordance with the rules of the American Arbitration Association, except as otherwise provided in this Agreement.
Arbitration shall be before a panel of three Arbitrators. [Party demanding arbitration] shall designate one Arbitrator from a list of prospective arbitrators submitted by the American Arbitration Association.
Within [number] days of receipt of such notice, the Partnership [or, the Managing Partner] must select a second Arbitrator from the aforesaid list and notify the other party of the Partnership's [or, the Managing Partner's] selection.
Within [number] days thereafter, these two Arbitrators shall select a third Arbitrator from the said list. If they fail to select a third Arbitrator, then the third Arbitrator shall be designated by the American Arbitration Association.
If either party fails to designate an Arbitrator, then the claim or dispute shall be submitted to arbitration before a panel of three Arbitrators chosen by the American Arbitration Association.
4. Place of Arbitration. All matters submitted to arbitration shall be heard in [court, state].
5. Right to Consult Accountant. The Arbitrators may select an accountant and submit to such accountant any documents that they want examined in connection with the arbitration proceeding. The Arbitrators may act on the report rendered by such accountant, without personally verifying the information and conclusions provided in such report.
6. Final Award. The decision rendered by the Arbitrator under this Agreement is final and binding on the parties. Judgment may be entered on the Arbitrator's decision in any court having jurisdiction.
*** If Required By State Law ***
This Section for Notary:
STATE OF -------)
) ss: [date]
COUNTY OF ------)
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
[Name of Notary Public]
My commission expires: [date]