For the Members of the ICAI
The Committee on Economic, Commercial Laws & WTO of the ICAI has recommended to issue an Advisory to Members for incorporating the Standard Arbitration Clause in the various legal documents/deeds/contracts/ agreements etc. in order to achieve the objective to make India as preferred choice for the Arbitration so that India may become the Arbitration Hub/ Capital of the World. It is however clarified that the below suggested Arbitration Clause is in an Advisory in nature and not as mandatory.
“Any dispute or differences whatsoever arising between parties in relation to the construction, meaning and operation or effect of this contract/agreement/deed or the breach thereof or any other commercial or professional or industrial or financial or accounting dispute amongst the parties, shall be referred to the Chartered Accountant(s) empanelled as arbitrator on the ICAI Panel of Arbitrators maintained by the Institute of Chartered Accountants of India.”