Agreements in restraint of legal proceedings void

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..... he 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.] Savings of contract to refer to arbitration dispute that may arise.— Exception 1. .....

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