Arbitration Process In India
Research Questions: Q1. Why Alternative Dispute Resolution mechanism is important? Q2. Why Arbitration mechanism is a preferred mode of dispute resolution over Mediation and Conciliation. Q3. What is the scope of Arbitration in Indian Legal system? Key factors favoring Arbitration process in India and its advantages. Q4. What are the challenges for Arbitration mechanism in India? Hypothesis For the purpose of this study, the hypothesis formulated is as follows: H1 Arbitration mechanism is a preferred mode of dispute resolution over Mediation and Conciliation. H2 “That there exists a commonality in the legislations governing International Commercial Arbitration in the Developing Nations within the Indian Subcontinent.” Objective of …show more content…
I lost nothing thereby- not even money, certainly not my soul”. - Mahatma Gandhi Arbitration, as a means of resolving disputes, has been employed all over the world for centuries. It was designed initially as a process whereby people determined their own commercial disputes. The novelty of arbitration in comparison with formal legal procedures was that parties could agree to simplified procedures and an arbitrator would be appointed who possessed specific knowledge in a given technical area. Arbitration was thus regarded as 'the' alternative to litigation, in which the parties achieve a legally binding adjudication in accordance with the law, without, however, the full trappings of litigation and without its publicity or its judges, who may have no particular qualifications in the subject matter of the dispute. The term ‘arbitration’ was first recorded in the 1530’s. Its root word comes from the Latin term ‘arbitratus’, past principle of ‘arbitrari’ meaning to ‘be of an opinion, give an opinion’ or ‘to act as an …show more content…
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