Date:May 27, 2022
What is arbitration? Arbitration meaning
Arbitration is a procedure under which :
=> Dispute is referred to an arbitrator or more than a single arbitrator (the number of arbitrators has to be odd in number).
=> Arbitrator conducts the proceeding of adjudication of the dispute between the parties.
=> Arbitrator passes an award.
An agreement between the parties to refer the dispute to arbitration is a must. Sometimes the court may refer disputes to arbitration. In case of commercial transactions where the supplier or service provider is Micro, Small or Medium enterprises, the matter is referred to arbitration.
In India, Arbitration proceedings are governed by the provisions of the Arbitration & Conciliation Act, 1996.
The arbitrator has the same power as that of the court, and Award passed by the arbitrator is equivalent to a decree passed by the Court. The execution proceeding of the award is also similar to that of a decree.
An arbitration proceeding is an effective alternative dispute resolution mechanism and is being popular day by day.
=> Know about Firm’s Arbitration Law Practice