Mumbai, June 25: Traders Association of Information Technology (TAIT) has issued arbitration guidelines to resolve the issues pertaining to members.
The guidelines were issued by the association on the sidelines of a workshop conducted by the association.
According to the guidelines, the members are advised to print the bill, invoice, purchase order and delivery challan which shall be construed as an agreement.
“If any dispute arises from this transaction the same shall have to be referred to Trade Association of Information Technology, Mumbai, for arbitration under its rules and regulations. The decision given thereon shall be a binding upon all the parties and the courts of Mumbai shall have sole jurisdiction over the said arbitration proceedings,” say the guidelines.
As it is necessary in expedient settlement of the disputes, which arose or may arise out of transactions of all nature, between the parties, the Association has made and adopted following rules for resolving such disputes through the Arbitral Tribunal of the associations.
Any party (Plaintiff) wishing to commence Arbitration proceedings under these rules, shall submit to the Association, details of their dispute in the prescribed form available with the association on payment.
The plaintiff should agree to abide by the decision of Arbitral Tribunal and submit along with the dispute reference form, statement of the claim, bills / invoices, delivery challan, purchase orders and correspondences, copy of Arbitration Agreement along with consent of one of the Arbitrator from the Panel of Arbitrators, to be his Arbitrator for the said dispute.
The parties shall be required to send a legal notice invoking the arbitration agreement even where after if the payments are not received within seven days then claims by way of arbitration proceedings can be filed with the association.
Reasonable hearing shall be given to both the parties where after appropriate direction / orders shall be passed by the arbitrators in the form of award.
The Awards received by the parties can be executed through the Bombay High Court. The properties of the defaulting parties namely their offices, ownership premises, stocks,furniture’s and even their bank accounts can be attached for the recovery of the due amount in case of non-compliance of award.
Paras Shah, Rahul Zaveri, Girish Rathod, Pravin Dhoka, K R Chaube, Shailesh Chouhan, Chetan Timbadia, Devang Thakore, Pramod Dalmia, Biren Serkala, Rushabh Shah, Mukesh Mehta, Samir Mehta, Kamal Kamdar, Vinod Vanigota, Nikesh Sakaria, Parag Shah, Viren Bavishi and Anil Goenka were named the panellists.