Is this arbitration agreement valid?
Any disputes and differences between the parties arising out of or in relation to this agreement shall be referred to joint arbitration before an Arbitral Tribunal consisting of five members to be appointed by the parties jointly and carried out in accordance with and subject to the provisions of the Indian arbitration Act, 1996 or any statutory modification thereof for the time being in force. Except that either parties may seek equitable and/or remedial measures from the court of competent jurisdiction.
This is an arbitration clause in a SPA.
