ARBITRATION SUCCESSES

Arbitration is the process of solving an argument between people by helping them to agree to an acceptable solution Arbitration is a part of the Alternative Dispute Resolution mechanism that serves parties who want to avoid the normal recourse to the local courts for settlement of disputes. Arbitration is a legal technique for the resolution of dispute outside the courts, wherein the parties to a dispute refer it to one or more persons called arbitrator(s) by whose decision they agree to be bound. Advancement, liberalization, and globalization of international business relations necessitated the invention of a flexible, reasonable, favorable and time-saving method of resolution of disputes without making the parties go through the procedure of the traditional justice delivery system The Indian law with respect to the arbitration is largely based on the English Common Law. The Indian arbitration is governed and regulated by the Arbitration and Conciliation Act 1996, which derives its ba...