The Third Schedule
In section 28 of the Indian Contract Act, 1872 (9 of 1872), for Exception 1 and Exception 2, the following shall be substituted, namely: —
Exception 1: Saving of contract to refer to arbitration or mediation dispute that may arise
This section shall not render illegal a contract, by which two or more persons agree that any dispute which may arise between them in respect of any subject or class of subjects shall be referred to resolution through arbitration or mediation.
Exception 2: Saving of contract to refer questions that have already arisen
Nor shall this section render illegal any contract in writing, by which two or more persons agree to refer to arbitration or mediation any question between them which has already arisen, or affect any provision of any law in force for the time being as to references to arbitration or mediation.