Page 250 - Reinsurance Management IC85

The Insurance Times

A dispute would be referred to a single Arbitrator
or to two Arbitrators, one to be appointed in
writing by each party, or in the case of
disagreement between the two Arbitrators, to an
Umpire to be appointed in writing by a mutually
agreed authority.. In the event of the parties failing
to appoint an Arbitrator or the Arbitrators failing
to appoint an Umpire within a specified time then
an Umpire would be appointed by a mutually
agreed authority.

As per this clause Arbitrators and the Umpire
are required to interpret an agreement as an
honourable engagement and to make their award
with a view to effecting the general purpose of
the agreement in a reasonable manner rather than
in accordance with a literal interpretation of the
language. The decision of the Arbitrator or
Arbitrators or the Umpire, as the case may be,
on all matters including the allocation of costs
would be final and binding on both parties.The
place for arbitration would be specified, say "

Website: www.bimabazaar.com Call: 033-22184184 / 40078428 248

ight@ The Insurance Times. 09883398055 / 0988338