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The Arbitration and Conciliation Act, 1996: page 44

The Arbitration and Conciliation Act, 1996, India Code delivered snapshot 6fb32e5ffe258174, physical page 44. Unreviewed extraction.

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                                       THE SECOND SCHEDULE
                                              (See section 53)
                                   PROTOCOL ON ARBITRATION CLAUSES
    The undersigned, being duly authorised, declare that they accept, on behalf of the countries which
they represent, the following provisions:—
    1. Each of the Contracting States recognises the validity of an agreement whether relating to existing
or future differences between parties subject respectively to the jurisdiction of different Contracting States
by which the parties to a contract agree to submit to arbitration all or any differences that may arise in
connection with such contract relating to commercial matters or to any other matter capable of settlement
by arbitration, whether or not the arbitration is to take place in a country to whose jurisdiction none of the
parties is subject.
    Each Contracting State reserves the right to limit the obligation mentioned above to contracts which
are considered as commercial under its national law. Any Contracting State which avails itself of this
right will notify the Secretary-General of the League of Nations in order that the other Contracting States
may be so informed.
    2. The arbitral procedure, including the constitution of the Arbitral Tribunal, shall be governed by the
will of the parties and by the law of the country in whose territory the arbitration takes place.
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    The Contracting States agree to facilitate all steps in the procedure which require to be taken in their
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own territories, in accordance with the provisions of their law governing arbitral procedure applicable to
existing differences.
                                                          aC
    3. Each Contracting State undertakes to ensure the execution by its authorities and in accordance with
the provisions of its national laws of arbitral awards made in its own territory under the preceding articles.
                                                    di
    4. The Tribunals of the Contracting Parties, on being seized of a dispute regarding a contract made
                                               In
between persons to whom Article I applies and including an Arbitration Agreement whether referring to
present or future differences which is valid in virtue of the said article and capable of being carried into
effect, shall refer the parties on the application of either of them to the decision of the Arbitrators.
    Such reference shall not prejudice the competence of the judicial tribunals in case the agreement or
the arbitration cannot proceed or becomes inoperative.
     5. The present Protocol, which shall remain open for signature by all States, shall be ratified. The
ratification shall be deposited as soon as possible with the Secretary-General of the League of Nations,
who shall notify such deposit to all the Signatory States.
    6. The present Protocol will come into force as soon as two ratifications have been deposited.
Thereafter it will take effect, in the case of each Contracting State, one month after the notification by the
Secretary-General of the deposit of its ratification.
    7. The present Protocol may be denounced by any Contracting State on giving one year's notice.
Denunciation shall be effected by a notification addressed to the Secretary-General of the League, who
will immediately transmit copies of such notification to all the other Signatory States and inform them of
the date on which it was received. The denunciation shall take effect one year after the date on which it
was notified to the Secretary-General, and shall operate only in respect of the notifying State.
     8. The Contracting States may declare that their acceptance of the present Protocol does not include
any or all of the undermentioned territories: that is to say, their colonies, overseas possessions or
territories, protectorates or the territories over which they exercise a mandate.
    The said States may subsequently adhere separately on behalf of any territory thus excluded. The
Secretary-General of the League of Nations shall be informed as soon as possible of such adhesions. He
shall notify such adhesions to all Signatory States. They will take effect one month after the notification
by the Secretary-General to all Signatory States.
    The Contracting States may also denounce the Protocol separately on behalf of any of the territories
referred to above. Article 7applies to such denunciation.

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