How does arbitration proceeds?
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How does arbitration proceeds?
Arbitration is an agreement based dispute resolution mechanism. So proceeds for arbitration followings are the pre-requisites:
1. Existence of an arbitration agreement within the scheme of section 7 of Arbitration and Conciliation Act, 1996; and
2. Existence of a dispute.
As per the provisions Arbitration and Conciliation Act, 1996, normally arbitration proceeds as per the followings :
1. Invocation of arbitration agreement & arbitrator appointment: section 21, 11
2. Filing of statement of claim
3. Filing of statement of defence or counterclaim
4. Evidence
5. Payment of stamp duty & Passing of an award
6. Execution of award
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