Understanding Arbitration and The Arbitration Act

  Dispute Resolution uses the mechanisms of Negotiation and Mediation in order to let parties arrive at a consensual resolution. Arbitration is the third main method of Dispute Resolution. It is a mechanism in which a dispute is submitted, subject to agreement between the parties, wherein one or more arbitrators make a binding decision. In simple terms, it’s one of the three dispute resolution methods by which people try to arrive at a solution without having to go to court. The conduct of the arbitration proceeding is very much outside of a court, but resembles a hearing nevertheless, in that both sides present their statements and evidence to make a strong case. The Arbitration and Conciliation Act, 1996 governs the law of Arbitration in India and sets out the conditions under which the process of Arbitration, whether domestic or international is conducted. It also covers aspects of enforceability of the arbitral awards. One major milestone in Arbitration in India was set when t...