Arbitration Agreement for Partition of Joint Family Property by Shiva.

No. 5

Arbitration Agreement for Partition of Joint Family Property

THIS AGREEMENT is made on the . . . . . . . day of . . . . . . . BETWEEN A.B. etc. acting for himself and as guardian of E.F. etc., a minor, of the first part AND C.D. etc. of the second part AND G.H. etc. of the third part.

WHEREAS—

(1) The said A.B., C.D. and E.F. are members of a joint Hindu Family and are joint owners of all the property, movable and immovable, owned and possessed by them, whether acquired by their ancestors or by themselves in their joint names or by any of them in his separate name, and of all cash and jewellery possessed by them and of all debts outstanding in their favour, ‘‘described in Schedules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . annexed hereto’’.

(2) The said A.B. has by an order of the District Judge of . . . . . . . . . . dated the . . . . . . . . . . . . been appointed a guardian of the person and property of the said E.F. minor who is the son of J.K. a deceased brother of the said A.B. and C.D.

(3) The shares of the parties in the property are A.B . . . . . . . . . . . . . . . . . . C.D . . . . . . . . . . . . . . . E.F . . . . . . . . . . . . . . .

(4) Differences have arisen between A.B. and C.D. with regard to the manner of partition and they are desirous of having the said family property partitioned.

(5) The proposed partition will also be for the advantage of the minor E.F.

(6) Under the Hindu Law, the said G.H. being the mother of the said A.B., C.D. and J.K. f/o E.F. is on partition entitled to a one-fourth share in the family property.

(7) The said G.H. has agreed to take for her life in lieu of the said one-fourth share property yielding an annual profit of Rs. . . . . .and a residential house fit for her residence for her life.

(8) The said A.B., acting for himself and as guardian of the said E.F. minor and considering it to be for the advantage of the said minor and for the benefit of his property, and the said C.D. and the said G.H., have agreed to refer the question of the manner of partition of the aforesaid family property to the arbitration of Shri . . . . . . . . . . . . . . . . . . . .

NOW IT IS HEREBY AGREED as follows:

(1) The parties hereto hereby refer the question of partition by metes and bounds of the aforesaid property to the arbitration and decision of the said
Shri . . . . . . . . . . . . . .

(2) The said arbitrator shall select out of the aforesaid joint property, property yielding an annual profit of Rs. . . . . . .and a residential house fit for the residence of the said G.H. and allot the same to the said G.H. to be held by her for her life, and after her death to be divided equally between the said A.B., C.D. and E.F. or their heirs.

(3) The said arbitrator shall divide the rest of the aforesaid property consisting of immovable and movable property, cash, jewellery and outstanding debts into three equal shares according to the best of his judgment and allot one such share each to the said A.B., C.D. and E.F.

(4) If necessary for equalizing the shares the said arbitrator may award such money compensation from one party to another as he may consider necessary.

(5) If for any reason the arbitrator finds it inconvenient or inexpedient to divide any movable property he may convert the same into money and divide such money equally between the said A.B., C.D. and E.F.

(6) For the purpose of determining the extent and value of the joint family property and of giving his award the arbitrator may take such evidence and make such investigation and adopt such procedure as he may think proper.

(7) The award of the said arbitrator shall be binding on the parties.

In witness, etc.


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