Nature of grievance

ARBITRATION AGAINST A FACTOR FOR AN ACCOUNT: Where the “Principal” demands Accounts from the “Factor” and is refused, either during the continuance of the Agency, or after the termination of the Agency, and where there exist any Arbitration Agreement between the Principal and the Agent, Arbitration proceedings may be initiated for the Rendition of Accounts, within 3 years from the date (unless agreed otherwise), when the account is demanded and refused (in respect of the continuance of the agency); or from the date when the agency terminates, having regard to Article 2 of the Indian Limitation Act, 1963. The “factor” is a specialized kind of Agent who, among other things, holds the property for the principal