K K Modi Vs K N Modi Ors (1998) 3 SCC 573

arbitration agreement----
1. The arbitration agreement must contemplate that the decision of the tribunal will be binding on the parties to the agreement,

2. that the jurisdiction of the tribunal to decide the rights of parties must be derived either from the consent of the parties or from an order of the Court or from a statute, the terms of which make it clear that the process is to be an arbitration,

3. the agreement must contemplate that substantive rights of parties will be determined by the agreed tribunal,

4. that the tribunal will determine the rights of the parties in an impartial and judicial manner with the tribunal owing an equal obligation of fairness towards both sides,

5. that the agreement of the parties to refer their disputes to the decision of the tribunal must be intended to be enforceable in law and lastly,

6. the agreement must contemplate that the tribunal will make a decision upon a dispute which is already formulated at the time when a reference is made to the tribunal.