Chapter 18

Question 1

Goods:

Answer 1

Includes any item, raw material, product or by-product which is sold for consideration.

Question 2

Retailer:

Answer 2

In relation to the sale of any goods, means a person who sells the goods to any other person other than for
resale.

Question 3

Wholesaler:

Answer 3

In relation to the sale of any goods, means a person who purchases goods and sells them to any other person for resale

Question 4

Arbitration agreement:

Answer 4

A written agreement to submit present or future differences to arbitration, whether an arbitrator is named there in or not.

Question 5

Legal representative

Answer 5

A person who in law represents the estate of a deceased person, and includes any person who interfrance with the estate of the deceased, and, where a party acts in representative character, the person on whom the estate devolves on the death of the party so acting.

Question 6

Reference

Answer 6

means reference to arbitration.

Question 7

An umpire

Answer 7

An umpire is a 3rd-party appointed by arbitrators to settle differences between arbitrators.

Question 8

Provisions applied in Arbitration Agreement”.

Answer 8

An arbitration agreement is deemed to include following provisions
1. There will be sole arbitrator
2. If there are even number of arbitrators, arbitrators shall appoint an umpire within 1 month of their appointment.
3. Authority of arbitrator/umpire shall be irrevocable, except with permission of court.
4. Arbitrator shall make award within 4 months after they are referred case in writing by any party. Such period may be extended by court.
5. Umpire shall make award (decision) within 2 months after entering. Such period may be extended by court
6. Award shall be final and binding on parties.