joint Developement Venture

Mahesh Kumar H (Querist) 28 February 2011 This query is : Resolved
Hello Sir,

what is the legal effect of a Arbitration Clause in a Joint Development Agreement. Can the Agreement be done without it?

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Devajyoti Barman (Expert) 28 February 2011
Recourse to Arbitration is a measure of alternative dispute resolution and is always optional and without it the agreement is very much valid.

Amit Pateria (Expert) 01 March 2011
Dear Mahesh,
The effect of an Arbitration Clause, in case of any breach etc. either party can call for arbitration to settle the dispute amicably without the hassles of the Court proceedings. Although it's advisable but it is not necessary to get an arbitration clause incorporated, an agreement without such clause is as good as those have it incorporated, in the eyes of the law.

Regards

M V Gupta (Expert) 01 March 2011
I may add that the effect of incorporating arbitration clause in the agreemnt is that u cnnot approach the court to resolve any dispute that may arise between the parties. you will have to necessarily reosrt to arbitration proceedings to settle the dispute.

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