New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    An exchange of statements of claim and defence in which

    the existence of the agreement is alleged by one party and not denied by the other : The above mentioned statement proves existence of ?
    A Arbtration agreement Correct Answer Incorrect Answer
    B Intention of parties to settle Correct Answer Incorrect Answer
    C Successful arbitration Correct Answer Incorrect Answer
    D Chances of a compromise Correct Answer Incorrect Answer
    E Success in arbitral award Correct Answer Incorrect Answer

    Solution

    S.7. Arbitration agreement.—(1) In this Part, “arbitration agreement” means an agreement by the  parties to submit to arbitration all or certain disputes which have arisen or which may arise between them  in respect of a defined legal relationship, whether contractual or not. (2) An arbitration agreement may be in the form of an arbitration clause in a contract or in the form of  a separate agreement. (3) An arbitration agreement shall be in writing. (4) An arbitration agreement is in writing if it is contained in— (a) a document signed by the parties; (b) an exchange of letters, telex, telegrams or other means of telecommunication  [including communication through electronic means] which provide a record of the agreement; or (c) an exchange of statements of claim and defence in which the existence of the agreement is  alleged by one party and not denied by the other. (5) The reference in a contract to a document containing an arbitration clause constitutes an arbitration agreement if the contract is in writing and the reference is such as to make that arbitration clause part of the contract.

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