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INTRODUCTION
• Arbitration is the mechanism to settle disputes between parties to a
contract, determined in a quasi-judicial manner
• The Arbitration and Conciliation Act 1996 provides legal frame work for
settlement of disputes by mutual settlement out side the court.
• Central Government may make rules for carrying out the provisions of this
act subjected to the approval of the Parliament.
• Arbitration is an arrangement agreed upon by the parties concerned to
refer the disputes to a third party for settlement.
• The arbitration tribunal can be a panel of arbitrators or a sole individual.
• Any written document or a clause in a contract for referring the dispute to
arbitration shall be an arbitration agreement.
• The parties to the contract will decide the constitution of arbitration
tribunal and mode of appointment as laid down in the contract agreement.
OBJECTIVES OF ARBITRATION
• To cover both international & domestic arbitration & conciliation
• Tomake provisions for an arbitral procedure which is fair, efficient and
capable of meeting the needs of the arbitration
• To permit an arbitral tribunal to use mediation & conciliation to encourage
settlement of disputes
• Toprovide that a settlement reached by the parties as a result of
conciliation proceedings will have the same status and affect as an arbitral
award
• To provide that the arbitral tribunal gives reasons for its arbitral award
• To provide that every arbitral award is enforced in the same manner as if it
were a decree of the court
PRINCIPAL CHARACTERISTICS
• Arbitration is consensual
• The parties are free to choose the arbitrator(s)
• Arbitration is neutral
• Arbitration is a confidential procedure
• The decision of the arbitral tribunal is final and easy to enforce