Time-bound arbitration limits adjournments and extensions, requiring awards within a capped maximum period after reference. Adjournments are permitted only in exceptional cases for bonafide reasons recorded in writing. The arbitral tribunal shall normally make the award within three months from the date of entering upon the reference; the Managing Director or relevant authority may grant up to three extensions on application, but notwithstanding such extensions the award must be passed within six months from the date of entering the reference. The tribunal is deemed to have entered upon the reference on the date of its first hearing. Exchanges should incorporate these clauses into their arbitration bye-laws.