253. All claims (whether admitted or not), differences and disputes between a member and a non member or non-members (the terms "non-member" and a "non-members" shall include an authorised assistant or employee or any other person with whom the member shares brokerage) arising out of or in relation to dealings, transactions and contracts made subject to the Articles, Bye-laws and Regulations of the Exchange or with reference to anything incidental thereto or in pursuance thereof or relating to their construction, fulfillment or validity or transactions and contracts shall be referred to and decided by arbitration as provided in the Articles, Bye-laws and Regulations of the Exchange.
Contract Constitutes Arbitration Agreement
254. An acceptance whether express or implied of a contract subject to arbitration as provided in Clause 253 and with this provision for arbitration incorporated therein shall constitute and shall be deemed to constitute an agreement between the member and the non-member or non-members concerned that all claims (whether admitted or not), differences and disputes of the nature referred to in clause 253 in respect of all dealings transactions and contracts of a date subsequent to the date of the contract shall be submitted to and decided by arbitration as provided in the Articles, Bye-laws and Regulations of the Exchange and that in respect thereof any question whether such dealings, transactions and contracts have been entered into or not shall also be submitted to and decided by arbitration as provided in the Articles, Bye-laws and Regulations of the Exchange.
Reference to Arbitration Sub-committee
255. All claims, differences and disputes required to be referred to arbitration under these provisions shall be referred to the Arbitration Sub-committee for the time being constituted by the Committee.
Award by Arbitrators
256. The arbitrators shall make their award within four months after entering on the reference or within such extended time as the arbitrators may fix with the consent of the parties to the reference or as the Committee or the President may allow.
Publication of Award
257. After making the award the arbitrators shall sign award and a notice shall be given to the parties of the making and signing thereof.
Award Binding on P arties and Their Representatives
258. The parties to the reference shall in all things abide by and forthwith carry into effect the award of the arbitrators which shall be final and binding on the parties and their respective representatives notwithstanding the death of or legal disability occurring to any party before of after the making of the award and such death or legal disability shall not operate as a revocation of the reference or award.
259. Whenever an award made under these provisions directs that a certain act or things be done by one party to the reference and such party fails to comply with the award, the other party may make a fresh reference to arbitration as provided in the articles, bye-laws and regulations of the Exchange for a further award for determining the dispute outstanding or the mount of damages or compensation payable by reason of such failure and the award therein may be filed separately or together with the original award.
Filing of Award
260. The Arbitration Sub-committee shall at the request of any party to the reference or any person claiming under such party or if so directed by the Court and upon payment of the fees and charges due in respect of the reference and award and of the costs and charges of filing the award cause the award or a signed copy of it to be filed in Court.
Fresh Reference on Annulment of Award
261. Whenever an award given under these provisions is set aside by the Court, the matter shall be again referred to arbitration as provided in the articles, bye-laws and regulations of the Exchange and the claims, differences and disputes shall be decided by arbitration only.
Extension of Time for Making the Award
262. The Committee or the President may, if deemed fit whether the time for making the award has expired or not and whether the award has been made or not, extend, from time to time, the time for making an award by a period not exceeding one month at a time from the due date or extended due date of the award.
Committee to Prescribe Fees, Forms & Procedure
263. The fees to be paid, the forms to be used and the procedure to be followed in connection with a reference to arbitration under these provisions shall be such as are prescribed in the relative regulations or such other as the Committee may from time to time prescribe in addition thereto or in modification or substitution thereof.
Fee and Changes
264. The fees in arbitration and the charges for submitting and regulating the proceedings of the reference prescribed in Regulation shall be payable in advance and when there is failure, neglect or refusal on the part of a party or parties to pay accordingly the other party shall be responsible for making such payment in advance without prejudice however to his right, if any, to recover the same from such party or parties failing, neglecting or refusing to pay. It shall be a condition precedent to the hearing of any reference that the prescribed fees and charges shall have been paid in advance to the Exchange by the party or parties to the reference. The Exchange shall collect all such fees and charges and make the necessary payments provided always that no larger sum shall be paid than actually collected.
Decision on Written Statements or by Hearings
265. A reference may be decided by the arbitrators on the written statements of the parties. However, any party may require of the arbitrators that he be given a hearing. In that event he shall be so heard and the other party or parties shall have a similar privilege.
266. The arbitrators may proceed with the reference notwithstanding any failure to file a written statement within due time and may also proceed with the reference in the absence of any or all the parties who after due notice fail or neglect or refuse to attend at the appointed time and place.
Adjournment of Hearings
267. The arbitrators may adjourn the hearings from time to time upon the application of any party to the reference or at their or his own instance. Provided, however, when the adjournment is granted at the request of one of the parties to the reference, the arbitrators may, if deemed fit, require such party to pay the fees and costs in respect of the adjourned hearing borne by the other party and in the event of such party failing to do so may refuse to hear him further or dismiss his case or otherwise deal with the matter in any way the arbitrators may think just.
Legal Advisers and Evidence
268. During a hearing the parties to the reference and or their office employees conversant with the facts of the case may appear before the Arbitration Sub-committee but no party shall be entitled to insist to appear by counsel, attorney or advocate or such other authorised representative or to insist that the arbitrators do hear or examine witnesses or receive oral or documentary evidence other than what is deemed necessary by the Arbitration Sub-committee.
Consideration of Recorded Proceedings and Evidence
269. If the time prescribed in these provisions for making an award has been allowed by the arbitrations to expire without making an award or if an arbitrator dies or fails or neglects or refuses to act or becomes incapable of acting as an arbitrator, the substitute arbitrator appointed by the Committee or the President and the other arbitrator appointed by the Committee shall be at liberty to act upon the record of the proceedings as then existing and on the evidence if any then taken in the reference or to commences the reference de novo.
Reference to Court of Law
270. No reference shall be made by the arbitrators to any Court of Law on any matter arising out of or relating to any reference without first obtaining the permission of the Committee.
Set-off and Counter-claims
271. On a reference to arbitration by one party the other party or parties shall be entitled to claim a set off or make a counter-claim against the first party provided such set-off or counter-claim arises out of or relates to dealings, transactions and contracts made subject to the Articles, Bye-laws and Regulations of the Exchange and subject to arbitration as provided therein and provided further such set-off or counter-claim is presented together with full particulars at or before the first hearing of the reference but not afterwards unless permitted by the arbitrators.
Award to Adjudge Interest
272. Where and in so far as an award is for the payment of money the arbitrators may adjudge in the award the interest to be paid