Nature of grievance

ARBITRATION FOR MONEY PAID UPON EXISTING CONSIDERATION WHICH AFTERWARDS FAILS: Where under the terms of the contract, money was paid, but thereafter, where the Respondent fails to perform his promise, and where there exist any Arbitration Agreement between the Parties therein, Arbitration proceedings may be initiated for the recovery of said money, within three years (unless otherwise agreed) from the date when the Respondent failed to perform his promise, having regard to Article 47 of the Limitation Act, 1963