Law:

Section:

Arbitration Act, 1940 (IX of 1940)-- ----S. 20--Contract Act, (IX of 1872)--S. 202--Agency Agreement--Application to file in Court arbitration agreement--Power--Scope--Question of--Whether in terms of Clause 3 of agreement agency could be terminated by serving two months advance notice--Determination--Agency could be terminated by serving two months `advance notice' only after initial two years of creation of the agency--In view of Clause (17) which provides for a dispute resolution mechanism through arbitration in respect of agreement can only be decided by arbitration. [P. 218] C Arbitration Act, 1940 (IX of 1940)-- ----S. 20--Contract Act, (IX of 1882)--S. 202--Specific Relief Act, (I of 1877)--Ss. 12, 42 & 55--Agency agreement--Termination of agency--Premature--Arbitration clauses--Scope of--Agency in-question was not an agency coupled with interest--Agency did not attract exceptional status of irrevocability--Provisions of--Principle--Agency in-question is not an agency coupled with interest and therefore does not attract exceptional status of irrevocability as provided by Ss. 201 & 202 of Contract Act, which provides for termination of any agency by principal revoking his authority, an order restraining the defendant from revoking agency and forcing them to continue with relationship would not be justified, as even if arbitrators come to conclusion that termination of the agency would in terms of agreement be premature for want of requisite notice--Held: Plaintiffs may be duly compensated by awarding damages. [P. 219] D Arbitration Act, 1940 (X of 1940)-- ----S. 20--Contract Act, (IX of 1872), S. 202--Agency of Agreement--Termination of agency--Premature termination--Compensated in money terms--Financial liabilities--Multifarious litigation--Misconception of agreement--Validity--Agent can tie down his principal into an eternal bond by making investments when partner contributing a major part of capital of a firm and tying down his assets cannot do so--Held: Even if there has been premature or illegal termination of contract of agency, it can be compensated in money term--If such notice was not given, at the most plaintiff firm could claim damages…

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