Globalization has expanded the arena of trade across the world. The fast and competitive world requires quick decisions and resolutions to keep in pace, yet, there has to be justification and precision. As human minds and nature is involved in trade and commerce, disputes are inevitable albeit unfortunate aspect of business life. Most of the disputes are resolved through amicable negotiation or settlement. Others are constrained to approach the concerned judicial forums, however on account of long delay and considerable expenditure occurring in the disposal of legal battles there has been tremendous movement towards the resolution of disputes through the alternative forum of arbitrators through which resolution is less cumbersome. The procedure avoids the stress of a conventional trail. It is flexible , speeRs._________ /- On Demand I, Mr.. . . . . . . . . son of Mr. . . . . . . . . . promise to pay Mr.. . . . . . . . . . . . . . . son of Mr. . . . . . . . . . or order, the sum of Rs. . . . . . /- (Rupees______________only) together with interest at . . . . % P.A. for the value received in cash/cheque. All disputes and claims arising out of this promissory Note including its existence, validity or otherwise shall be referred to and finally resolved by arbitration of a sole arbitrator nominated by CNICA, Chennai and its rules shall prevail. The award so rendered shall be final and binding on the parties. The language shall be English and the venue shall be at Chennai.
All disputes and claims arising out between us inclusive of present, past and future transaction shall be referred to sole arbitrator nominated by CNICA as per its rules the venue shall be at Chennai and language English.