law: Indian Contract Act, 1872 
  28. Agreements in restraint of legal
  
  proceedings, void
   11  [Every agreement,-
  (a) by which any party thereto is restricted absolutely from
  
  enforcing his rights under or in respect of any contract, by the usual legal
  
  proceedings in the ordinary tribunals, or which limits the time within which he
  
  may thus enforce his rights; or
  (b) which extinguishes the rights of any party thereto, or
  
  discharges any party thereto from any liability, under or in respect of any
  
  contract on the expiry of a specified period so as to restrict any party from
  
  enforcing his rights, is void to that extent.]
  Exception 1: Saving of contract to
  
  refer to arbitration dispute that may arise: This section shall not render
  
  illegal contract, by which two or more persons agree that any dispute which may
  
  arise between them in respect of any subject or class of subject shall be
  
  referred to arbitration, and that only the amount awarded in such arbitration
  
  shall be recoverable in respect of the dispute so referred . 12[* *
  
  *]
  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 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.