Announcement

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.

Arbitration Clause

“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.”

Secretary, ICAI

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More Under CA, CS, CMA

0 Comments

  1. RiddhiSiddhi says:

    1) Whether this type of clause has any legal validity under any Statute of Republic of India?

    2) Is ICAI have right to suggest this type of clauses to incorporate in legal documents to its members? Have ICAI any jurisdiction over legal issues other than Financial Accounting Issues???

    3) Are ICAI members legally eligible to draft any legal documents other than to deal with Financial Accounting Issues??

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