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The Waiver of Arbitration Agreement is utilized when parties who previously agreed to resolve disputes through arbitration decide to opt for court litigation instead. This document is particularly relevant in the Indian legal context where businesses or individuals may find court litigation more suitable for their specific circumstances. The waiver must comply with Indian contract law principles and the Arbitration and Conciliation Act, 1996. It typically becomes necessary when parties face specific disputes that they believe would be better resolved through courts, when the cost of arbitration becomes prohibitive, or when there's a strategic advantage to court litigation. The document includes detailed information about the original arbitration agreement being waived, explicit waiver declarations, and specifications about future dispute resolution mechanisms. The Waiver of Arbitration Agreement must be carefully drafted to ensure it meets all legal requirements under Indian law and clearly expresses the parties' informed consent to waive their arbitration rights.

1. Parties: Identification of all parties to the agreement, including their legal names, addresses, and registration details if applicable

2. Background: Context of the existing arbitration agreement being waived, including reference to the original agreement containing the arbitration clause

3. Definitions: Key terms used in the agreement, including 'Arbitration Agreement', 'Original Agreement', and any other relevant defined terms

4. Reference to Original Arbitration Agreement: Specific details of the arbitration agreement being waived, including its date and relevant provisions

5. Waiver Declaration: Clear and explicit statement of the parties' intention to waive their rights to arbitration

6. Scope of Waiver: Specific details about which disputes or matters are covered by the waiver

7. Alternative Dispute Resolution: Specification of how disputes will be resolved following the waiver (typically through courts)

8. Acknowledgment of Rights: Confirmation that parties understand their rights and the implications of waiving arbitration

9. Governing Law and Jurisdiction: Specification of Indian law as governing law and designation of specific courts having jurisdiction

10. Counterparts: Provision allowing execution in multiple counterparts