• market on mobile

Pause Refresh
  • As on Nov 27,09:56
  • 7905.05
  • 21.25
  • 0.27%
News you can use| Home

What is Arbitration?

  • Arbitration is a mode of settling disputes relating to commercial transactions without referring the disputes to a civil Court. In India, arbitration proceedings are governed by Arbitration & Conciliation Act of 1996.
  • In order to refer any dispute to arbitration, parties must agree in writing to refer the matter to arbitration. Without any agreement in writing. arbitration process cannot be commenced.
  • Parties may also agree the language of arbitration and place of arbitration. Place of arbitration can be any place, including a place outside India.
  • Once any agreement is signed with arbitration clause, parties are precluded from approaching civil court for settling any disputes.
  • Arbitration is contract specific and general arbitration cannot be agreed.
  • In case of international commercial transactions, parties can also choose the arbitration as per International Chamber of Commerce Rules or United Nations Commission on International Trade Law (UNCITRAL) guidelines.
  • An order passed by arbitrator (called award) can be challenged in the High Court, however on very limited grounds.
  • Including arbitration clause in agreement is advised in contracts involving technical matters, requiring special knowledge or skill in the relevant subject.

Click here to find more useful news...


Prev. Close : 25958.63
You need to upgrade your Flash Player
Prev. Close : 7883.8
You need to upgrade your Flash Player