Arbitrator in Bangalore
I have a private limited company and I paid 5500$ to a software company for the development of mobile applications. We signed an agreement with has the following clause:
20. Dispute Resolution
a. All disputes arising out of or in connection with this Agreement shall be resolved amicably mutually by both the Parties.
b. In event of conflict in arriving at a decision, the referred for Arbitration to a sole arbitrator to be
dispute shall be appointed by the Company [my company], in accordance with the Arbitration and Conciliation Act 1996.
c. The decision of the Arbitrator shall be binding and final on both Parties.
d. The venue of the Arbitration shall be Bangalore, with the proceedings being carried out in English. Each party shall bear the cost of arbitration on their own.
Now there is a dispute. Software company has abandoned the project. I wish to know:
1. Who can be appointed as the sole arbitrator in this case? what is the eligibility of the arbitrator in India?
2. How long does the whole process take to reach a conclusion by the Arbitrator?
3. Do we need to terminate the agreement before assigning Arbitrator?
4. How much value is given to the agreement in Arbitration?
5. Can I change the arbitrator in the middle, if arbitrator is biased?
6. suggest few reputed arbitrators in Bangalore.
please give detailed reply, point by point.