Arbitration
& Conciliation Act, 1996
SCHEDULE II: PROTOCOL ON ARBITRATION CLAUSES
[Section
53]
The
undersigned, being duly authorised, declare that they accept, on behalf
of the countries which they represent, the following provisions,-
1.
Each of the Contracting States recognises the validity of an agreement
whether relating to existing or future difference between parties subject
respectively to the jurisdiction of different Contracting States by which
the parties to a contract agree to submit to arbitration all or any difference
that may arise in connection with such contract relating to commercial
matters or to any other matter capable of settlement by arbitration, whether
or not the arbitration is to take place in a country to whose jurisdiction
none of the parties is subject.
Each
Contacting State reserves the right to limit the obligation mentioned
above to contracts which are considered as commercial under its national
law. Any Contracting State which avails itself of this right will notify
the Secretary-General of the League of Nations in order that the other
Contracting State may be so informed.
2.
The arbitral procedure, including the constitution of the arbitral tribunal,
shall be governed by the will of the parties and by the law of the country
in whose territory the arbitration takes place.
The
Contracting States agree to facilitate all steps in the procedure which
require to be taken in their own territories, in accordance with the provisions
of their law governing arbitral procedure applicable to existing differences.
3.
Each Contracting State undertakes to ensure the execution by its authorities
and in accordance with the provisions of its national laws of arbitral
awards made in its own territory under the preceding articles.
4.
The tribunals of the Contracting Parties, on being seized of a dispute
regarding a contract made between persons to whom Article I applies and
including an Arbitration Agreement whether referring to present or future
differences which is valid in virtue of the said article and capable of
being carried into effect, shall refer the parties on the application
of either of them to the decision of the arbitrators.
Such
reference shall not prejudice the competence of the judicial tribunals
in case agreement or the arbitration cannot proceed or becomes inoperative.
5.
The present Protocol which shall remain open for signature by all States,
shall be ratified. The ratification shall be deposited as soon as possible
with the Secretary-General of the League of Nations, who shall notify
such deposit to all the Signatory States.
6.
The present Protocol will come into force as soon as two ratifications
have been deposited. Thereafter it will take effect, in the case of each
Contracting State, one month after the notification by the Secretary-General
of the deposit of its ratification.
7.
The present Protocol may be denounced by any Contracting State on giving
one year's notice. Denunciation shall be effected by a notification addressed
to the Secretary-General of the League, who will immediately transmit
copies of such notification to all the other Signatory States and inform
them of the date on which it was received. The denunciation shall take
effect one year after the date on which it was notified to the Secretary-General,
and shall operate only in respect of the notifying State.
8.
The Contracting States may declare that their acceptance of the present
protocol does not include any or all of the undermentioned territories;
that is to say, their colonies,overseas possessions or protectorates or
the territories over which they exercise a mandate.
The
said States may subsequently adhere separately on behalf of any territory
thus excluded. The Secretary-General of the League of Nations shall be
informed as soon as possible of such adhesions. He shall notify such adhesions
to all Signatory States. They will take effect one month after the notification
by the Secretary-General to all Signatory States.
The
Contracting States may also denounce the Protocol separately on behalf
of any of the territories referred to above. Article 7 applies to such
denunciation. |
