respects whatsoever, and in a good and workmanlike manner: Then the above written bond or obligation shall be void, but otherwise the same. shall remain in full force and virtue.

Signed, sealed and delivered

day of
D., of, &c.

13

The said A. B. agrees to do all the works hereunder specified in the best and most workmanlike manner, and to provide for such works all necessary materials and things of the best quality, and to complete and finish the said works on or before the day of next, and in case the said works

day

shall not be finished on or before the said of , to pay or allow to the said C. D., out of the monies payable under this agreement, the sum of $ for each day during which the said works shall remain unfinished after the said day of and in case the said C. D. shall require any additions or alterations to be made to the works hereunder specified, to execute such additions and alterations in the best and most workmanlike manner, with materials of the best quality. And it is hereby agreed that in case any additional works shall be required by the said C. D., or in case the said C. D. shall delay the execution of the said works, the said A. B., shall have

as

such additional time for the performance of the said works after the said day of shall be equivalent to the time consumed in the execution of such additional works, or to the time during which the said C. D. shall have delayed the said works, and that the payments for non-completion as aforesaid, shall not be payable until after the expiration of such additional time. And it is hereby further agreed that materials brought upon the premises of the said C. D., for the purpose of being used in the said works, shall, if of proper description and quality, immediately become the property of the said C. D. And the said C. D. agrees to pay to the said A. B., for the said works, the sum of $ within one week after the same shall be finished..

Witness the hands of the said parties.

Signed in the presence of

Y. Z.

A. B.

C. D.

Agreement for Sale of Merchants' Stock. This agreement made the

day of

18

Between A. B., of, &c., merchant, of the one part, and C. D., of, &c., merchant, of the other part.

The said A. B. agrees to sell, and the said C. D. agrees to buy, all the stock of goods, wares and merchandise, now being in and upon the store occupied by the said A. B. at aforesaid, at the invoice price thereof (or at the sum of $ otherwise as agreed upon) an account of such goods, wares and merchandise being taken by the parties hereto in the presence of each other. [And it is

or

hereby agreed that any of the said goods, wares or merchandise, which may be damaged, shall be appraised and valued by three disinterested persons, each of the parties hereto selecting one of such persons and the two so selected appointing the third, and that the price set upon such damaged goods, wares and merchandise, by the said three persons, or any two of them, shall be substituted for the invoice price thereof, and that within ten days after the value of the said goods, wares and merchandise, shall have been ascertained as aforesaid, the said C. D. shall pay the amount thereof to the said A. B.] And the said A. B. agrees to make, execute and deliver unto the said C. D., a good and sufficient bill of sale of the said goods, wares and merchandise, and to give to the said C. D. quiet and peaceable possession thereof upon payment to him, the said A. B, by the said C. D, within the time before specified of the invoiced [or appraised] value as aforesaid.

Witness, &c., (complete as in last form.)

[If desired, the clause for appraising damaged goods can be made applicable to the entire stock. The clause between brackets will be left out if a fixed sum is agreed on.]

Agreement for Sale of Grain.

Memorandum of agreement made the

day of 18 , Between A. B., of, &c., of the one part, and C. D., of, &c., of the other part. The said A. B. agrees to sell to the said C. D. five thousand

bushels of wheat, to be delivered to the said C. D., at, [ ] on or before the first day of January next, free of all charges, at the price or sum of per bushel. And the said C. D. agrees to purchase the said wheat, and to pay therefor at the rate aforesaid, upon delivery as aforesaid. And the said A. B. hereby guarantees and warrants the said wheat to be good, clean and merchantable grain. Witness the hands of the said parties. Signed in presence of Y. Z

A. B.

C. D.

CHAPTER III.

ARBITRATION.

Instead of the ultimate remedy of an action at law or suit in equity, recourse is sometimes had for the settlement of disputes to the more amicable expedient of arbitration. And in some transactions, especially in articles of co-partnership between traders, it is usual to stipulate that if any dispute shall arise it shall be referred to the determination of two indifferent persons as arbitrators, or of their umpire, who is usually, and very properly, required to be chosen by the arbitrators before they proceed to take the subject in question into consideration. And it

is agreed that the award in writing of the arbitrators, or of their umpire in case of their disagreement, shall be binding and conclusive on all parties. It is generally also further provided, that in case either party should neglect or refuse for a given time to appoint an arbitrator, the arbitrator chosen by the other party may make an award, which shall be binding on both.

As the Cour's of Law and Equity have full jurisdiction on all questions arising out of agreements of any kind, it follows that they retain a jurisdiction over matters which the parties themselves have agreed should be referred to arbitration. Notwithstanding, therefore, an agreement to refer disputes to arbitration, either party may bring the matter into Court; although if the agreement should contain an express covenant not to sue, and especially if arbitrators be actually named, it seems that such covenant may be effectually pleaded in bar to any suit in equity. And without such a covenant, the circumstances of the parties having agreed to refer to arbitration will induce a Court of Equity to pause before granting to any of them summary relief on a point which they have expressly agreed to settle by amicable means. If, however, one of the parties should, notwithstanding his agreement, refuse to name an arbitrator, the Court of Chancery will not entertain a bill to compel him to do so, neither will it substitute the Master for the arbitraors; for the Court acts only when it has it in its power itself to execute the whole contract in the terms specifically agreed upon.