THIS AGREEMENT (the “Agreement”) is made as of the __________ day of ______20__ By and between ____________________, a _________________________________________________________(entity type, if applicable, and state of incorporation/registration, formation/person or individual’s name) _____________________________ (address) (“the first party”) and ____________________, a _________________________________________________________ (Entity type, if applicable and state of incorporation/registration, formation/person or individual’s name)__________________________________________ (Address) (“The second party”) and hereunder are collectively termed as “THE PARTIES”
WHEREAS the First Party is engaged in the business of __________________________________________ (description of the type of business the party is involved with);
WHEREAS the Second Party is engaged in the business of ___________________________________________ (description of the type of business the party is involved with);
NOW THEREFORE BE IT RESOLVED, in consideration of the mutual covenants, promises, warranties and other good and valuable consideration set forth herein, the Parties agrees as follows:
1. “THE PARTIES” jointly agreed to become the signatories of this addendum which clearly mentions that any disputes arising out of the “PARENTAL AGREEMENT” are to be resolved by way of arbitration.
2. That, this addendum is drafted since there was no previously mentioned “arbitration clause” in the “PARENTAL AGREEMENT”.
3. That the parties agree ,that the “arbitration” would be conducted in conformity with rules of the “RESO”
4. That, the purpose of this agreement is to resolve the dispute in hand by arbitration and nothing in the Agreement shall be construed to alter any of the clauses of the parental agreement.
Place ________________ 1.___________________ (Signature of First party)2. ___________________ (Signature of Second party)